00:00I'm sitting here with a billionaire in California. Lots of billionaires are starting to plot their
00:04leaving California because of a potential wealth tax on them. I know you've had thoughts about
00:11what's right and the wrong way to tax billionaires to be most effective for
00:15still creating innovation here. What are your thoughts generally on the right way to tax
00:20billionaires? And why is the current proposal potentially wrong? And do you have plans to
00:24leave California? I have no plans to leave California. In fact, people would generally
00:29have left on January 1 or before January 1. But it doesn't structurally solve the problem
00:35beyond the one-time shot of income. One time, it's silly. And so many entrepreneurs who own 20% of
00:45their company are talking about leaving now in case somebody takes another shot because junkies
00:51come back for another shot. If at the federal level, we doubled capital gains tax, made it
01:00all uniform, one tax, then we will equalize and balance between economic profitability and economic
01:10growth and investment. That's the reason for capital gains is increased investment and more
01:17equitable distribution of income. That's just one idea. That's a structural change that would make
01:23sense. I'd be surprised if that doesn't happen before 2040. Now, capitalism was about efficiency,
01:31economic efficiency. But if the need for efficiency goes away because of extreme abundance,
01:37then why focus on efficiency? Let's focus on equity.
Comments