As billionaires debate California’s wealth tax, a tech investor suggests other ways to raise revenue that target a huge loophole the rich exploit

One of the hottest topics in the tech sector is a proposed wealth tax in California aimed at billionaires, and the debate is yielding some insights into how they live.

While Nvidia CEO Jensen Huang said he’s “perfectly fine” with it, many others aren’t, including LinkedIn cofounder and major Democratic donor Reid Hoffman, who called it “horrendous” for innovation. Meanwhile venture capitalist Peter Thiel as well as Google cofounders Larry Page and Sergey Brin have already taken steps...