California's Proposed Billionaire Tax Faces Criticism

California is considering a one-time 5% tax on billionaires, aiming to address the issue of wealth tied up in non-taxable assets such as stock options, family trusts, and luxury items. Bloomberg posted on X, highlighting the discussion on the Everybody's Business podcast, where Ray Madoff joined hosts to critique the proposal. Madoff argues that the tax could be problematic and suggests alternative measures for the government to consider. The ultra-wealthy often avoid income taxes by minimizing taxable income, relying instead on assets like yachts and rare coin collections. The debate continues on how best to ensure equitable taxation among the wealthiest individuals.