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Nothing stops them. That's my point.
They can't evade through equity. Everything they own will be assessed, except for real estate. What they'll do is take up a primary residence in another state, maintain a secondary residence in CA, and avoid not only this tax but *all* of the taxes they used to pay to California.
They can’t through the new law but they can without it. And again, I would assume people would do this with capital gains as well. I think almost all the arguments against a wealth tax could double as arguments against a capital gains tax.
Capital gains assumes a transaction that generated cash. Income tax assumes a transaction that generated cash. There is a HUGE difference between that and a tax that hits illiquid assets that are hard to assess.
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