Not all trillions — debts, valuations, investments — are created equal. Huge nominal numbers often obscure the institutions and incentives that produced them.

California's proposed wealth tax promises billions in new revenue. But early evidence suggests it will ultimately cost the state far more in investment, entrepreneurship, and future tax receipts.

Visa holders founded half of today's Fortune 500 companies and a majority of billion-dollar startups. Current restrictions damage that competitive advantage and choke off future growth.