The Real Math Behind California's Proposed Billionaire's Tax

California's proposed billionaire tax says it will raise $100 billion for healthcare, food assistance, and education. New research from Stanford's Hoover Institution puts the real number closer to $40 billion — and argues the measure could leave the state worse off once billionaire departures are factored in. This week, Phil talks with Hoover Institution research fellow Benjamin Robert Jaros, co-author of that research, about the mechanics of Proposition 40, the migration numbers driving the disagreement, and what it means for California voters this November.Follow California Underground on Substack: caunderground.substack.comGet early access to The Gilded State, Phil's upcoming book on California politics: www.thegildedstate.com