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If you can't figure out how to keep a small fraction of your vast $1b+ fortune liquid, even if most of your fortune is tied up in equity, maybe you need to balance your portfolio & priorities.
Is California property tax 3%? 6%? If California *did* suddenly implement a 6% annual property tax, what do you imagine would happen? Which parts of the state would see movement, and which wouldn't? What heavy land use industries would be most impacted? Good thought experiment.
The point is its not difficult to plan for taxes and maintain some reasonable liquidity. In fact, its only difficult for people without means.
Coming up with $60 million in liquidity per billion in value every year is not reasonable by any stretch. Not everybody is a hedge fund manager or private equity just shuffling financial assets around. If you have real companies with real buildings and equipment, you can't do it.
Since Prop 13, most California homeowners property taxes have dropped to less than a fraction of a percent. Government at all levels is now funded by income taxes on the 1% plus some sales taxes & user fees.
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