California's Proposed Billionaire Tax Faces Challenges

The ultra-wealthy have historically minimized income tax obligations by holding wealth in non-taxable assets such as stock options, family trusts, and luxury items. Bloomberg posted on X, highlighting a discussion on the Everybody's Business podcast featuring Ray Madoff, who addressed California's proposed one-time 5% tax on billionaires. Madoff explained the complexities and potential issues with implementing such a tax, suggesting alternative measures the government could consider to address wealth inequality.