How to tax the (really) rich

What you'll learn

• 1 (00:00) **Introduction: The Political Appeal of Taxing Billionaires** - The episode opens with a montage of politicians from across the spectrum dunking on billionaires, framing the issue as a popular bipartisan talking point.
• 2 (02:03) **The California Battle: A Political Minefield** - Jeremy B. White of Politico explains why Proposition 40, a one-time wealth tax on billionaires, has become the most contentious ballot initiative he's covered.
• 3 (04:43) **How Proposition 40 Works** - The tax is a 5% one-time levy on the total assets (stocks, art, yachts) of California's roughly 200 billionaires, with 90% of revenue earmarked for healthcare.
• 4 (06:26) **The Case Against Proposition 40** - Critics argue the tax is poorly designed, will drive billionaires out of state, and will ultimately reduce California's tax revenue in the long run.
• 5 (09:16) **What Voters Think** - Polling shows a weak majority in favor, but proponents face an uphill battle against a well-funded opposition campaign led by Sergey Brin.
• 6 (12:09) **The National Stakes** - If California, a deep blue state, can't pass a billionaire tax, it would throw cold water on the entire national movement to tax the rich.
• 7 (17:06) **Expert 1: Joshua Rauh - A Wealth Tax is a Bad Idea** - Joshua Rauh, a finance professor at Stanford, argues Proposition 40 fails on two basic tests: will it raise revenue, and will it be good for the state?

+ Full timestamped outline available in the app