California's Wealth Tax Could Cost the State $39 Billion
This week, editors Peter Suderman, Nick Gillespie, and Matt Welch are joined by Associate Editor Liz Wolfe to discuss California’s proposed 5 percent wealth tax on billionaires, which a Hoover Institution study suggests could ultimately cost the state $39 billion in lost revenue. With wealthy residents already leaving California, the panel examines whether the measure will survive next week’s vote, why Gov. Gavin Newsom opposes it, and how public sector unions have helped fuel the state’s spending problems.
The panelists then look to France, where mounting unrest and economic stagnation raise questions about the long-term consequences of high taxes, expansive welfare programs, and pension obligations that increasingly burden younger generations. Next, they discuss Venezuelan opposition leader María Corina Machado returning home after 10 months in exile. Then, with the midterm elections next week, the editors examine whether Trump’s tariffs, war with Iran, and mounting allegations of corruption will deliver Democrats control of Congress. Finally, a listener asks whether today’s democratic socialist movement will ultimately be remembered like the libertarian and Tea Party movements of the early 2010s.
0:00—California’s wealth tax proposal
13:02—Will France protests influence America?
22:50—Corina Machado returns to Venezuela.
31:19—Listener question on the DSA
44:40—2026 Midterm elections preview
58:34—Weekly cultural recommendations
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Mentioned in the Podcast:
“Will the Wealth Tax Fail?” by Liz Wolfe“France Is a Warning to California’s Tax-the-Rich Crowd,” by Veronique de Rugy“California’s ‘Wealth Tax’ Could Cost the State $39 Billion,” by Eric Boehm“Report: California’s Proposed ‘Billionaire Tax’ Is Based on Bad Research,” by J.D. Tuccille“A Wealth Tax Built on Billionaires Who Aren’t Really Billionaires,” by Veronique de Rugy
“New Book Says Jared Kushner Funneled Money to Middle East Mercenaries. Kushner Denies It.” by Matthew Petti“Trump’s Tariffs Are Politically Toxic,” by Eric Boehm
“The Democrats’ Socialist Moment,” by Matt Welch
“Family Separation Drama Fjord Is a Haunting Depiction of Unchecked State Power,” by Peter Suderman
The post California’s Wealth Tax Could Cost the State $39 Billion appeared first on Reason Magazine.
Source: https://reason.com/podcast/2026/10/26/californias-wealth-tax-could-cost-the-state-39-billion/
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