Gabriel Zucman

speaker

169 appearances 1 recordings 1 series first heard Aug 2026 last heard 5 Aug

Gabriel Zucman’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.

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The David Pakman Show · Surrender, betrayal, and the collapse of promises · 5 Aug 2026 podcast

But, you know, income is just very complicated to measure because what's an allowed expense?

What counts as revenue?

We don't know.

OK, good.

The income tax in California is already taxed on your worldwide income.

OK, so if you live in California and you have assets abroad, you have shares in foreign companies and generate dividends and capital gains.

All of that is taxable in California.

I mean, the way it works is that if you've already paid tax on that income, you know, you can credit exactly this against the California and the federal income tax.

Right now, if some countries also want to tax the wealth of

of billionaires and their wealth abroad that would be creditable against the california wealth tax now it turns out that no country taxes billionaire wealth the the wealth of california right billionaires abroad so that's a non-issue but what i want to say is that the idea that conceptually it's difficult to tax foreign wealth is wrong because we already taxed foreign income foreign absolutely income that derives from owning foreign assets

So that's number one.

Number two on the small retroactivity.

So this is actually a brilliant idea.

So the way the text is written is it says, if you are a billionaire and you were a resident

california as of january 1st of 2026 right then you have to pay the five percent one-time wealth tax meaning it's too late for billionaires to move and avoid the tax exactly the constitutional uh experts the legal scholars who've been extensively consulted

for crafting the text of Prop 40 are adamant that this is valid, this is compatible with US law, California, and federal law.

I'm not a constitutional lawyer, but I'm relying on those best minds.

And the reason why it's beautiful is that it really removes any risk of

rich people fleeing, moving to another state to avoid the wealth tax.

They can't do it.

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