California's "One-Time" Wealth Tax and the Spending That Never Ends || 1835

Episode notes

California wants a "one-time" billionaire tax. Meanwhile, voters are being asked to make an earlier "temporary" income-tax increase permanent. How many times are we supposed to fall for this? Nate and Chuck break down California's proposed wealth tax, Robert Reich's defense of it, and Ro Khanna's pitch for taking the idea nationwide.

They discuss why net worth isn't cash in a vault, how selling investments to pay a wealth tax can create another tax bill, and why temporary revenue doesn't solve an ongoing spending problem. First, the guys react to an unforgettable Indiana candidate interview, then examine New York Fed research on how Trump's tariffs raised prices for American-made goods as well as imports.

The conversation also tackles California's Medi-Cal funding debate, the difference between billionaire wealth and annual economic output, and the math behind promises of "free" services. Their alternative: make it easier to start businesses, compete, and build wealth while getting government spending and monetary meddling out of the way.

Join the Fed Haters Club for members-only livestreams and more: https://www.joingml.com 00:00 Welcome, studio upgrades, and Fed Haters Club 02:25 Jaime West's unforgettable campaign interview 10:36 Today's agenda: tariffs and California taxes 12:10 Trump's tariffs and the price of American-made goods 19:40 California's wealth tax: net worth isn't cash 23:56 Robert Reich's pitch and the tax bill behind the tax bill 26:41 Medi-Cal, budget shortfalls, and the meaning of "cuts" 32:32 When a temporary tax becomes permanent 35:09 Reich on tax cuts, wealthy residents, and inequality 41:30 Ro Khanna's national wealth-tax pitch and the math 46:38 A free-market response to inequality 56:33 Ro Khanna, libertarian alliances, and closing thoughts Join GML: https://www.joingml.com All Links: https://www.goodmorningliberty.us/links GML playlists: https://www.youtube.com/playlist?list=PLi78svKlBr_8o0dDOX8DxO_Wwxu6WYhhA https://www.youtube.com/playlist?list=PLi78svKlBr__Zu40RL7mWxCuOOe54zgy2 Marten's Minute: https://martensminute.podbean.com/ #GoodMorningLiberty #WealthTax #Tariffs