PRI Senior Fellow in Business and Economics Wayne Winegarden discusses California’s proposed billionaire tax on the Ray Appleton Show. He examines what the proposal could mean for investment, jobs, and taxpayers, including why a tax aimed at the wealthiest Californians could ultimately affect families across the state.

What could happen if California's proposed wealth tax leads to higher taxes on everyone else? PRI modeled the combined effects of a wealth tax and a hypothetical one-percentage-point increase across all state income-tax brackets. The results over five years: an economy 5.8% smaller than it otherwise would be, nearly $3,000 less income growth for the average family and almost 400,000 fewer jobs.

"California’s auditor does great work, but for the most part it looks at programs at the request of the Legislature – and lawmakers often prefer not to look. Prop 41 would replace a system where audits happen possibly someday with audits required every time." writes PRI's @FlemingWords.

“Near proficiency is not proficiency!” says PRI’s Lance Izumi in new Center Square coverage of California’s latest test scores. Gov. Newsom highlights overall gains, but fewer than half of California students scored proficient or advanced in English language arts, math, or science. Lance explains why grouping students who are approaching proficiency with those who meet or exceed the standard masks the real challenge facing California schools.

“While emissions have declined a bit faster than the national average, residents are paying the price in terms of much higher energy costs. The success of a policy, or lack thereof, has to consider both the costs and benefits,” PRI’s Wayne Winegarden told The Center Square. In coverage of the 20th anniversary of California’s climate law, Wayne explains why the state’s energy policies must be judged not just by emissions reductions, but also by their affordability for California families and businesses.

Who pays a tax and who bears its economic costs aren't always the same. California's proposed wealth tax would impose a one-time 5% tax on billionaires, but its consequences could extend to entrepreneurs, workers and ordinary taxpayers. A new PRI study finds that reduced investment and slower economic growth could also weaken state revenues, increasing pressure for future tax increases.

Parents, students, and teachers may feel powerless when confronting a large education bureaucracy, but the stories in The Great Equity Epidemic show that speaking up can make a difference. PRI’s Lance Izumi and Wenyuan Wu profile Americans who challenged controversial equity policies and, in many cases, succeeded in changing their schools and institutions. The book offers a message of hope for those who want education refocused on academic excellence, individual merit, and equal opportunity.

Reinsurance is the insurance that insurers buy to protect against catastrophic losses. Until recent reforms, California did not allow insurers to factor reinsurance costs into their rates. The Sustainable Insurance Strategy changed that. Steven Greenhut explains why allowing insurers to account for these costs is one part of creating a more stable and sustainable insurance market.

"AI is merely software. It is powerful and imperfect, and it does what the people who build and deploy it set it up to do. California doesn’t need an off switch. It needs to turn the power on." writes PRI's Bartlett Cleland.

This week, Tim is joined by PRI senior fellow in business and economics Dr. Wayne Winegarden to discuss his latest research on how a California wealth tax would jeopardize venture capital investment in the state and set middle class Californians up for inevitable future tax increases.