Could California’s Wealth Tax Reach Beyond Billionaires? | Josh Rauh

Could California’s Wealth Tax Reach Beyond Billionaires? | Josh Rauh

California voters will decide this November whether to impose a one-time wealth tax on the state’s roughly 200 billionaires, a measure pitched by supporters as narrow and temporary. But some high-net-worth Californians are not waiting to see whether it passes. Several prominent founders and investors have already moved, reduced California ties, or shifted assets ahead of the proposal’s Jan. 1 residency date.

Supporters say the tax would directly apply only to the wealthiest sliver of residents. Not everyone in its path is convinced the one-time label will hold.

Joshua Rauh, professor of Finance at Stanford’s Graduate School of Business and senior fellow in Economics at the Hoover Institution, argued the exodus carries costs well beyond the billionaires themselves. He sat down with “California Insider” to explain what is written into the measure that has some of the state’s wealthiest residents preparing for it as if it will not stop at one time.

*Views expressed in this video/article are opinions of the author and do not necessarily reflect the views of California Insider.

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The Crisis California’s Animal Shelters Are Facing | Gary Weitzman

The Crisis California’s Animal Shelters Are Facing | Gary Weitzman

When people in California surrender a pet to a shelter or send an animal to a sanctuary, they expect that animal to be cared for. What happens after that can remain largely out of sight until somethin...

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California Students Are Preparing for a Changing Workforce | Panel

California Students Are Preparing for a Changing Workforce | Panel

California families can spend years preparing a student for college, only for that student to reach graduation with little idea of what the work on the other side will actually be like. With the cost ...

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Public Safety, Housing, and What Could Decide the Los Angeles Mayor’s Race | Matt Klink

Public Safety, Housing, and What Could Decide the Los Angeles Mayor’s Race | Matt Klink

Los Angeles is heading toward a mayoral runoff with public safety, homelessness, housing affordability, and the city’s finances still weighing on the race. Karen Bass and Nithya Raman are the two name...

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Why California Street Takeovers Are Hard to Stop | Panel

Why California Street Takeovers Are Hard to Stop | Panel

Street takeovers can form quickly, leaving drivers, bystanders, and police facing a dangerous situation in the middle of a public road. In California, large groups can appear before authorities have m...

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Why Tech Startups Still Choose Silicon Valley | Aman Verjee

Why Tech Startups Still Choose Silicon Valley | Aman Verjee

In the Bay Area, AI is bringing renewed attention and investment to Silicon Valley at the same time that many technology companies are expanding outside California. The region can remain important to ...

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Why Some Crimes Go Unreported in California | Panel

Why Some Crimes Go Unreported in California | Panel

Crime statistics say things are improving in California, yet for some residents, that reading does not square with what they notice in their own communities. When the official numbers and what people ...

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California Has 14 Ballot Measures. What Would They Change? | Will Swaim

California Has 14 Ballot Measures. What Would They Change? | Will Swaim

California voters can read a ballot title and still be left wondering what a measure would mean in practice. This November, 14 statewide propositions put some consequential policy choices into just a ...

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Why Some New Affordable Housing Sits Empty in California | Tia Boatman

Why Some New Affordable Housing Sits Empty in California | Tia Boatman

For families struggling to find a home they can afford, an available affordable unit can mean stability after months or even years of waiting. Yet in parts of California’s affordable housing system, s...

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