> Does that include taxing employee equity based on how it is valued based on each round of funding?

This already happens, except as a tax on income rather than wealth. Exercising options in a private company that has increased in value will result in a tax bill. And you can't sell shares to pay that bill (usually) because the company is private.

That’s exactly my point. Property tax is a tax on wealth. You are not taxed on options until you exercise them. You also can’t sell part of your house to pay taxes on it. You also aren’t taxed on the increase in your stock portfolio until you sell it.

I think equity, even relatively illiquid equity, should be wealth taxed (at least on amount >$50m). I am sure there will be novel financial tools to provide liquidity to pay this tax if this was the case. At the same time it might discourage bubbles in valuations (eg weworks).

Why carve out equity that should have a wealth tax associated with it differently based on the type? I would think that intellectually consistency would demand that either we tax all equity based on unrealized gains the same whether it is stock, equity in a business or real estate property.

I am not carving out equity. I think everything should be wealth taxed. I also think there should be a large deductible.