Uploaded June 2026 | Updated September 2026, 2 weeks ago
A proposed constitutional amendment on the ballots in California this November will impose a one-time 5% wealth tax on billionaires. Proponents of the amendment say it will bring upwards of $100 billion to California’s revenue, but how did they get to that number and what other side effects of this wealth tax could be looming in the wings? Will this tax actually raise more revenue?
Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Stanford finance professor Joshua Rauh to discuss why wealth taxes don’t often achieve their desired result.
The conversation covers the Laffer curve, behavioral responses to tax increases, and the economic side effects of cultivating a society that does not celebrate innovative talent.
Submit your questions to the show here: bit.ly/AllElseEqual
Find All Else Equal on the web: https://lauder.wharton.upenn.edu/allelse/
A proposed constitutional amendment on the ballots in California this November will impose a one-time 5% wealth tax on billionaires. Proponents of the amendment say it will bring upwards of $100 billion to California’s revenue, but how did they get to that number and what other side effects of this wealth tax could be looming in the wings? Will this tax actually raise more revenue?
Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Stanford finance professor Joshua Rauh to discuss why wealth taxes don’t often achieve their desired result.
The conversation covers the Laffer curve, behavioral responses to tax increases, and the economic side effects of cultivating a society that does not celebrate innovative talent.
Submit your questions to the show here: bit.ly/AllElseEqual
Find All Else Equal on the web: https://lauder.wharton.upenn.edu/allelse/
