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.