Basically, what the voters of California will vote on in November is a 5% wealth tax , a one-time 5% wealth tax on billionaires. Now, Jonathan, you say something uniquely Californian, but let's be clear.
When you do that and you take their wealth off the table, you're down to 67 billion So, you know, the proponents of this wealth tax assumed that was gonna be zero, and they're actually still assuming it's gonna be zero. They're still saying that the founders of Google, Brin and Page, they're saying that those guys did not escape our dragnet.
And in my study, I discovered that between '62-- 1962 and 1973, taxes in India increased from 75% to 97.5%. To add to that wealth tax , the net tax rate was 105%. So for every 100 rupees you earn, you end up paying 105 rupees tax.
And that's the -- more or less the bipartisan consensus. I recommend a wealth tax on very high net worth -- above 5 million dollars -- a 1 percent net worth tax.
response parameter? And what's challenging about this is that the settings in which response parameters to wealth tax have been estimated, you know, they're things like Swiss cantons that have moved around the wealth tax rates. You're looking at to what extent, you know, wealthy individuals are sensitive to, you know, Swiss cantons Cantonal wealth taxes, which is a well-identified
They don't pay as much income tax as the proponents would like. That's part of the reason why they proposed this wealth tax . But they do pay income tax.
some progressive tax, or we can think of many different ways in which if you wanted to raise $100 billion. To do this specific thing of this 5% wealth tax on the billionaires, it almost also feels to me like they're going after individuals because it's such a small number of people.
If we can impose this tax, can we raise a little bit of revenue? And actually, the proponents of this wealth tax had this on display at the debate at SIEPR, where Emmanuel Saez stated that even if 80% of the billionaires left California
We're going to talk about the billionaire tax. Basically, what the voters of California will vote on in November is a 5% wealth tax , a one-time 5% wealth tax on billionaires.
The principles that we're going to be discussing today, and potentially the motivation where this tax comes from, I think is of all states, all countries, and all ages. But yes, indeed, this particular proposal of a wealth tax that is currently being considered is indeed taking place in California and not yet in other states.
For California. Can you talk about some of that? So the proponents, the economists who advised on this wealth tax are University of Berkeley Professor Emmanuel Saez and Gabriel Zucman, who is now at the Paris School of Economics, who used to be at Berkeley.
So Josh, the whole measure also in the way that it's announced seems to be very politically formulated. In other words, if you said as people get richer, we would like to impose a wealth tax on them, and we can think of some progressive tax, or we can think of many different ways in which if you wanted to raise $100 billion.
If you think about the job creation that the firms of these individuals have had in California, It has been substantial. It has been massive. These individuals have really driven the economy of California, and I think even the proponents of the wealth tax have respect for the fact that the firms of Silicon Valley employ a lot of people I think where there's a disagreement is they believe that somehow this agglomeration of technology
But then on top of that, right, so then you have to ask, all right, you know, what would be an appropriate response parameter? And what's challenging about this is that the settings in which response parameters to wealth tax have been estimated, you know, they're things like Swiss cantons that have moved around the wealth tax rates.
If we can impose this tax, can we raise a little bit of revenue? Okay? We estimate..." And well, you know, one of the proponents of the wealth tax in California, Emmanuel Saez, part of this literature, "We estimate a revenue
If we can impose this tax, can we raise a little bit of revenue? And so, but the result of this type of thinking, of this kind of revenue-generated thinking is that the proponents of this kind of wealth tax , they would be happy if
will be doing this at a big disadvantage because so many relationships with our allies have been burned. So I'm keen to get your perspective on the AI, good, bad? Should we implement a wealth tax ? Is there anything you respect about Trump? But also greater Israel, for example. What does Netanyahu want in the region? And then be the