Proposition 40, on the November 3 ballot, would impose a one-time 5% tax on the net worth of California's billionaires. It would be the nation’s first state tax on individual net worth and a sharp break from California's usual reliance on income, sales, and property taxes. Supporters see it as a way to address wealth concentration and fund health care programs; critics point to valuation problems, the risk of taxpayer departures, and likely constitutional challenges. Professor Darien Shanske (UC Davis School of Law), a leading scholar of state and local tax policy and one of the measure's drafters, joins UCLA Law Professor Kirk Stark to discuss how the tax would work, what it might raise, and whether it will survive in court.
This is a private event, open to UCLA School of Law students. Must RSVP and attend event to receive a lunch.