Experts break down proposed California billionaire tax at UC Law SF - UC Law San Francisco (Formerly UC Hastings)
Experts break down proposed California billionaire tax at UC Law SF Tax law experts from UC Law San Francisco (UC Law San San Francisco) discussed the proposed 5% wealth tax on California billionaires at a panel of tax law experts at UC Law. The panel discussed the tax system's treatment of wealth held in appreciating assets and potential constitutional challenges. The tax, Proposition 40, would raise about $100 billion over five years, with most of the revenue going to public health care. Critics argue that it could drive billionaires out of California, weaken the state’s economy and reduce future tax revenue. The event was sponsored by UC Law SF’’�s Center on Tax Law, UC LawSF Middle Eastern Law Society, UC Berkeley Law professor Brian Galle, Saba Shatara, and Greg Turner, an administrative law judge for the California Office of Tax Appeals and adjunct professor at UC Davis School of Law.
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Panelists explained how the tax system treats wealth held in appreciating assets.
• The discussion covered potential constitutional challenges and California’s ability to administer the tax.
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