About this episode

Joshua Rauh discusses the implications of California's proposed wealth tax and its potential effects on high-net-worth residents.

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.

People in this episode

Host: California Insider

Guest: Joshua Rauh

Topics covered

• wealth tax
• California politics
• billionaires
• high-net-worth individuals
• tax policy
• economic impact

Keywords

• wealth tax
• California billionaires
• tax policy
• economic impact
• Joshua Rauh
• high-net-worth individuals
• residency date

Mentioned in this episode

Organizations: Stanford’s Graduate School of Business, Hoover Institution

Places: California

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