Paul is surely trolling, no? This isn't even close to realistic modeling. Most startups will spend many, many years worth very little. Well under the wealth cap floor. This means that if you don't own a unicorn then you'll likely pay 0 taxes. And because most wealth tax proposals scale up the percentage, the time that a startup isn't making someone a billionaire amounts to time where the tax rate is pretty low.

The net effect from these scaling wealth taxes would be a soft cap on long term net worth, likely somewhere around 1bn to 10bn. The fact that this soft cap wasn't a key output of his modeling is pretty embarrassing...