Unpacking the Billionaire Tax: Episode 3

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 3 of Unpacking the Billionaire Tax, host Howard Miller and tax attorney Robert Wood examine the act's extended statute of limitations, which gives the Franchise Tax Board 10 years to audit wealth tax liability compared with the standard four-year window, and a new requirement that every California taxpayer certify on their income tax return whether their net worth exceeds a billion dollars.