California’s billionaire taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. is on the ballot this November, and it raises more questions than answers. From lost government revenue to legal battles that could drag on for years, what would this first-in-the-nation wealth taxA wealth tax is imposed on an individual’s net wealth, or the market value of their total owned assets minus liabilities. A wealth tax can be narrowly or widely defined, and depending on the definition of wealth, the base for a wealth tax can vary. actually do?
Hosts Kyle Hulehan and Erica York are joined by Tax Foundation Senior Fellow Jared Walczak to break down what the measure could mean for California’s budget, economy, and taxpayers. They cover the risk to state revenue that funds public education, the effects on businesses and startups, the valuation and constitutional challenges ahead, why wealth taxes failed across Europe, and whether California would ever collect a dime.
Related Links:
- A Wealth Tax in California? See more
- Constitutional Flaws of California’s Proposed Wealth Tax See more
- Mid-Year Movers and the California Wealth Tax See more
- The Proposed California Wealth Tax Is Far Higher than 5 Percent See more
- Would California’s Wealth Tax Be Temporary? See more
- Yes, the California Wealth Tax Could Tax Voting Interests See more
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