Just to play with this a bit, this proposal instantly and completely ends Republican power. Low-taxed rural poor and retiree votes are gone, entirely. Higher earning coastal white collar and professional workers get 3-5 votes, offset to some degree but far from entirely by the business-owning rich blue collar class. The middle classes get 1. It's fairly obvious what that would mean for representation in the USA.
Second fun point is that he and his oligarch colleagues would find themselves with no votes: I guarantee I pay more income tax than this guy and anyone else in the multiple airplane owning class. Marvelous.
It is of course a fairly revolting idea but one which has some interesting unintended consequences, not least that we might suddenly find the rentier class figuring out how to declare income of $500,001 instead of a loss every year.