Jessica Tarlov

Last story of the day.

I want to talk about this billionaire tax proposal.

So Silicon Valley is having a very public family fight aimed straight at its own congressman, Rep.

Ro Khanna, friend of the show, who's backing a proposed one-time billionaire wealth tax in California.

Some of the richest constituents are furious.

I think he has the wealthiest district in the country, right, Ro?

Right.

Curious enough to talk about funding a primary challenger, which no one likes to hear if you're a sitting congressperson.

This is Ground Zero for the next phase of the inequality debate.

What happens when the AI boom mints more billionaires, squeezes middle class jobs, and politicians start testing how far voters and donors are willing to go?

What's your take overall on a billionaire wealth tax?

In an income tax, not like a straight wealth tax, just like raising the income tax level, closing loopholes or in a kind of...

I think that's going to be a tough sell to some of these guys.

I can't wait to see you go out there and say, you guys, this will make you happier if I take 5% of your assets.

I just want to quickly give some background though for our listeners.

So this is a proposed ballot initiative.

It's being shopped around by the SEIU, the union.

It would be a one-time 5% tax on the estimated 255 billionaires in California.

It wouldn't tax income.

It would just tax assets.