California's "One-Time" Wealth Tax and the Spending That Never Ends || 1835

California wants a "one-time" billionaire tax. Meanwhile, voters are being asked to make an earlier "temporary" income-tax increase permanent. How many times are we supposed to fall for this?

Nate and Chuck break down California's proposed wealth tax, Robert Reich's defense of it, and Ro Khanna's pitch for taking the idea nationwide. They discuss why net worth isn't cash in a vault, how selling investments to pay a wealth tax can create another tax bill, and why temporary revenue doesn't solve an ongoing spending problem.

First, the guys react to an unforgettable Indiana candidate interview, then examine New York Fed research on how Trump's tariffs raised prices for American-made goods as well as imports. The conversation also tackles California's Medi-Cal funding debate, the difference between billionaire wealth and annual economic output, and the math behind promises of "free" services.

Their alternative: make it easier to start businesses, compete, and build wealth while getting government spending and monetary meddling out of the way.

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00:00 Welcome, studio upgrades, and Fed Haters Club

02:25 Jaime West's unforgettable campaign interview

10:36 Today's agenda: tariffs and California taxes

12:10 Trump's tariffs and the price of American-made goods

19:40 California's wealth tax: net worth isn't cash

23:56 Robert Reich's pitch and the tax bill behind the tax bill

26:41 Medi-Cal, budget shortfalls, and the meaning of "cuts"