A new limited series from the Daily Journal, Unpacking the Billionaire Tax offers a deep dive into the fine print of Proposition 40. Listen via the Daily Journal Network (http://www.dailyjournal.com/ontheballot) or wherever you get your podcasts.
Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines.
In the final episode of Unpacking the Billionaire Tax, host Howard Miller and tax attorney Robert Wood lay out what would happen if Proposition 40 passes: a compressed litigation timeline that sends legal challenges from Sacramento Superior Court to the California Supreme Court within a year, a one-time extension pushing the tax payment deadline to Oct. 15, 2027, and a quirk in the election calendar that could have some voters casting ballots before the full text of the initiative is available in print.
13 Aug 2026
Unpacking the Billionaire Tax: Episode 4
Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines.
In Episode 4 of Unpacking the Billionaire Tax, host Howard Miller and tax attorney Robert Wood turn to what happens after passage: the procedural path if the act is challenged in court, and the practical questions of timing and collection once the tax takes effect.
12 Aug 2026
Unpacking the Billionaire Tax: Episode 3
Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines.
In Episode 3 of Unpacking the Billionaire Tax, host Howard Miller and tax attorney Robert Wood examine the act's extended statute of limitations, which gives the Franchise Tax Board 10 years to audit wealth tax liability compared with the standard four-year window, and a new requirement that every California taxpayer certify on their income tax return whether their net worth exceeds a billion dollars.
11 Aug 2026
Unpacking the Billionaire Tax: Episode 2
Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines. In Episode 2, host Howard Miller and tax attorney Robert Wood look past the headline 5% tax to two provisions drawing far less attention: a clause allowing the Legislature to amend the act by a two-thirds vote, and a one-year exemption letting the Franchise Tax Board bypass the Administrative Procedure Act when writing implementing regulations.
10 Aug 2026
Unpacking the Billionaire Tax: Episode 1
Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines. Howard Miller and tax attorney Robert Wood open this series by breaking down what counts as taxable wealth under the act -- real estate is excluded, but stock, debt-netted equity and most other assets are not -- and examine one of the measure's most unusual provisions: a founder with voting control of a company valued at $1 billion could owe tax on the full value, even while owning only a fraction of its equity.
This is the first of five episodes running this week available via The Daily Journal Network or wherever you get your podcasts.
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