The Prof G Pod with Scott Galloway
The Prof G Pod with Scott Galloway

The Week: The Right Turns Against the Rich

August 21, 2026

AI Summary

5 min read

The Week: The Right Turns Against the Rich

Last Friday, Scott Galloway spoke with French economist Gabriel Zucman, who helped design California's Prop 40 — a one-time 5% tax on billionaire wealth that voters will decide on in November. Zucman's argument isn't that billionaires are bad people. It's that the income tax structurally cannot reach them. "If you look at the income tax paid by California billionaires, this accounts for about two percent of total California income tax revenue," Zucman said. "This is equivalent to 0.2% of their wealth. They pay very little in income tax because they find ways to report no taxable income. It's as if they live in their own parallel society, free of tax."

Zucman pointed out that millions of California homeowners already pay a de facto wealth tax through property taxes, often exceeding 1% of their net equity annually after accounting for mortgages. Meanwhile, billionaires pay almost nothing. The situation, he said, "is frankly unacceptable."

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What you'll learn

  • 1 (02:11) **Wealth Tax Case with Gabriel Zuckman** - The French economist behind California's Prop 40 explains why billionaires evade income tax and why a wealth tax is needed.
  • 2 (05:50) **Paul Begala Predicts a Tucker Carlson Populist Run** - Begala argues Carlson will win the Republican nomination by merging populist economics with populist culture.
  • 3 (07:15) **Shane Goldmacher on Eroding Trump Economic Trust** - New York Times polling shows Trump's core white working-class base is losing faith in his economic management.
  • 4 (12:31) **Hannah Richie on the Real AI Energy Bottleneck** - The Oxford researcher explains that grid-building speed, not energy prices, will decide the AI race between the US and China.
  • 5 (14:54) **China's Decades-Old Energy Strategy** - Richie corrects the framing that China's clean energy push is recent or climate-driven, revealing it is a long-term industrial plan for energy security.
  • 6 (16:45) **Zhu Rongji's Legacy: The Architect of Modern China** - A look back at the former premier who died at 97, credited with the WTO entry and housing privatization that built China's economic superpower status.
  • 7 (19:04) **Scott's Advice on Not Keeping Score** - From Wednesday's office hours, Scott recommends generosity and forgiveness over tallying contributions in relationships.

+ Full timestamped outline available in the app

Guests on this episode

Gabriel Zucman James King

Show Notes

George Hahn connects the dots across the week’s biggest stories: why California may impose a one-time tax on billionaire wealth, how Tucker Carlson could pair right-wing culture with populist economics, and why China’s decades-long infrastructure strategy may give it an advantage in the AI race. Plus, Scott shares why the key to stronger relationships is to stop keeping score.


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The Prof G Pod with Scott Galloway

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