Jonathan Berk
speaker
579 appearances
6 recordings
1 series
first heard Jun 2026
last heard 13 Aug
Jonathan Berk’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Jul 2026 with 3.
Appearances
Basically, what the voters of California will vote on in November is a 5% wealth tax, a one-time five percent wealth tax on billionaires.
Yeah, it probably will, Jules.
I mean, I'm gonna play devil's advocate, Jules.
Billionaires have more money than they could spend in their lifetime.
What's wrong with taxing them?
And
The inside was that it was a fundamentally all else equal mistake.
That there's a limit to how much money you can extract from taxpayers.
That the higher you make the tax, the more incentive they have to avoid the tax.
So with low tax rates, accountants cost a certain amount of money and you're just better off paying the tax.
But when the tax rates are high,
the cost of the accountant relative to the tax is lower and you might be better off paying the accountants to lower your taxes.
And then eventually it gets to the point where you can't raise any more money.
And in particular in the United States, you can change states.
Right.
Labour is free to move within the country.
If you impose a high tax rate in one state and the neighboring state, or not even a neighbouring state, has a low tax rate, you can move to this low tax rate state.
Jules, let me put this in perspective.
Let's just understand the cost of the billionaires exercising their constitutional rights to live in any state they want to live in.
As our guest today will tell us, if you take into account the billionaires that we know about that really left the state, then the total revenue in taxes that this tax will raise is sixty seven billion dollars.
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