00:00Today, I'm going to describe one of the most important ballot initiatives facing voters
00:04this November.
00:05It's called Proposition 40.
00:06You may know it as the Billionaire Tax.
00:09The Billionaire Tax would apply a 5% tax to the wealth of anybody with $1 billion or more
00:15of assets who lives in the state of California.
00:17It is retroactive to January 1, 2026, so if you had wanted to avoid the tax, you would
00:23have had to have left already, and in fact, many billionaires did so.
00:26The tax is being pushed by one of the most powerful public sector unions in the state,
00:30the SEIU, and they say the money is necessary to pay for the rising cost of health care.
00:35However, there are all kinds of questions about how this tax would be calculated and collected.
00:40If you happen to be, for example, a startup entrepreneur with a relatively modest income
00:44but most of your wealth tied up in stocks, you might have to sell your company just to
00:49pay this tax, and the fact that you could pay it over five years wouldn't help.
00:52This would, if enacted, be the first wealth tax in the nation, and so it's being watched
00:56very closely.
00:57I would like to pay it over the country.
00:57Let's be.
