California’s War on Wealth—and America’s War on Terror

California’s War on Wealth—and America’s War on Terror

From GoodFellows: Conversations on Economics, History & Geopolitics by Hoover Institution

September 9, 2026 · 1h 1m · Episode 189

About this episode

The episode discusses California's proposed wealth tax and reflects on the legacy of the 9/11 attacks.

The rubber meets the road in California this fall when a proposed one-time 5% tax on the state’s billionaire class – wealth taxes being a longtime progressive hobby horse – faces a public vote in the form of Proposition 40. Joshua Rauh, the Hoover Institution’s George P. Shultz Senior Fellow in economics and author of a data analysis of Prop 40’s fiscal and economic impacts, explains why the measure would be a “disaster” if enacted and whether the policy battle marks the beginning of more public engagement on the part of the wealthiest Californians or instead will speed up their exodus from the Golden State. After that: the fellows reflect on the 25th anniversary of the 9/11 attacks on America – where they were that fateful day and 9/11’s legacy as it pertains to the war on terror, social divides and global alliances (if a similar attack happened today, would Vladimir Putin still be the first world leader to offer assistance to the American president?). Finally, in the “Lightning Round”: the pros and cons of an ascendant world senior population; the merits of “financial engineering” as governments spend and borrow more; disorder in the ranks as more of America’s military leaders…

People in this episode

Guest: Joshua Rauh

Topics covered

Keywords

Mentioned in this episode

Organizations: Hoover Institution

Books & works: Proposition 40

Places: California, Golden State, America, Vladimir Putin

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