Taxing Silicon Valley’s Wealth: Joshua Rauh on California’s Billionaire Tax Initiative
To the certainties of death and taxes, are voters in one of America’s bluest states certain to approve a ballot measure this fall imposing a 5% “wealth tax” on its billionaire class? If so, will California have struck a blow for wealth inequality – or, instead, succeed in killing “the goose that laid the golden egg” as investors and entrepreneurs flee the Golden State for friendlier tax climates?Joshua Rauh, Hoover Institution senior fellow in economics and an expert on California-style taxation, discusses America’s current fascination with socialism and economic class warfare as well as all that is at stake in the Golden State.
Check out this report that examines the revenue and migration impact of the 2026 California Billionaire Tax Act, a one-time 5 percent tax on the worldwide net worth of individuals exceeding $1 billion: https://www.hoover.org/research/net-present-value-billionaire-tax-act-assessment-fiscal-effects-californias-proposed?utm_source=youtube&utm_medium=description&utm_campaign=mpp_youtube&utm_content=06302026
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