The proposal might be on the ballot in the state elections of November 2026; a one-time 5% tax on the wealth of billionaires, including any illiquid wealth.

Illiquid is the bug-bear. It isn’t necessarily easy to cash out on such things. I would argue that they can easily get a cash loan, but I appreciate that this factor makes the tax a harder sell.

Instead, I propose something far more pre-emptive and socialist. Give 5% of your unrealised wealth to the state. The state becomes a passive investor in the business that made the billionaire rich.

To lessen the potential shock of that, when giving great wealth to someone, it should include 5% that is held in escrow, for the state to take, if and when the person meets the wealth threshold (which might of course vary in the future). But also, the rich person and take it out of escrow at any time, but they must acknowledge that the state can potentially take it from them one day.

Trump is already being very socialist and taking a share of some major companies. We just need to make sure that having such a stake doesn’t lead to governmental nepotism.