California’s proposed billionaire tax is premised on a state budget crisis. Hoover Senior Fellow Joshua Rauh pushed back on that claim in his CNBC debate with UC Berkeley economist Gabriel Zucman, noting $75 billion more on the state’s balance sheet than in 2019 and arguing that last year’s reconciliation bill slows the growth of federal Medi-Cal funding rather than cutting it.
Read the research on Proposition 40: https://www.hoover.org/research/net-present-value-california-billionaire-tax-act
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