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Hoover Daily Report | October 7, 2026 · Hoover Daily Report

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  Welcome to the Hoover Daily Report. "Ideas Advancing
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  Freedom." It's Wednesday, October 7th, twenty twenty six.
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  Today, a new paper from Hoover scholars suggests California’s proposed 2026
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  Billionaire Tax Act will face serious legal challenges if approved by voters in
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  November. California Decides evaluates a ballot measure that would set up a fast
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  lane for select California building projects, and the GoodFellows welcome
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  Michael Auslin to talk about the Declaration of Independence and whether
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  “the spirit of ’76” continues to be felt today.
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  New Hoover Paper Argues California’s 2026 Billionaire Tax Act Is Unconstitutional.
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  California’s proposed 2026 Billionaire Tax Act will face serious legal
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  challenges if approved by voters in November, a new essay from Hoover
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  Institution scholars contends, because it exceeds the limits of California’s
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  taxation powers under multiple provisions of the US Constitution. The measure,
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  which appears before voters as Proposition 40, would impose a 5% tax on
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  the assets of the state’s billionaires. Supporters describe it as a way to raise
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  revenue from California’s richest residents. The paper’s authors focus on
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  whether the tax can survive constitutional scrutiny. In the new
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  paper, Senior Fellow Joshua D. Rauh, Aaron J. Friedman, a visiting scholar at
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  Hoover, and Research Fellow Benjamin Jaros argue that the new measure, if
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  passed, would run against a number of long-established principles under the US
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  Constitution.
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  Proposition Lab: The “Essential Projects” Fast Track.
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  At California Decides, Hoover explores the pros and cons of Proposition 45,
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  which would carve a new fast-track lane through the California Environmental
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  Quality Act for what it defines as “essential projects.” In the latest
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  Proposition Lab guide, scholars explore the proposal’s merits and ask voters to
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  consider “whether faster building is worth a lighter environmental and public
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  review and whether to trust that the broad definition of ‘essential’”
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  contained in the law will not be abused.
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  National Treasures, October Surprises, and Silly Walks, with Michael Auslin.
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  It’s remarkable that the Declaration of Independence endures to this day—given
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  that the Continental Congress struggled to help George Washington wage war and a
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  few Founding Fathers didn’t want to be in Philadelphia that summer (beginning with
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  Thomas Jefferson). But does the America of today—a republic featuring a vast
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  federal government, overseen by career politicians—embody “the spirit of ’76”
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  and the late-18th century’s push for liberty? Distinguished Research Fellow
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  Michael R. Auslin joins the GoodFellows to reflect on America’s founding and the
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  special details on the Declaration contained in his new book. After that:
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  the fellows address the possibility of a disruptive “October surprise” in advance
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  of America’s November election and whether such a shock may come in the form
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  of a terrorist event (would it make political sense for Iran to try to
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  embarrass an already struggling President Trump?) or a financial crisis.
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  Progressive Taxes Without a Complex Tax Code.
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  In this week’s Grumpy Economist Weekly Rant, Senior Fellow John H. Cochrane
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  argues that debates over progressive taxation often blur two different
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  questions: how government should raise revenue and how it should support
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  lower-income households. We should not ask the tax code to accomplish both, he
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  says, making the case for looking at taxes, spending, transfers, and social
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  programs together. Cochrane argues that even a simple consumption tax can be made
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  progressive, while support for lower-income households can be delivered
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  more transparently through direct spending and social programs. But those
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  policies still involve trade-offs: higher marginal tax rates and benefit phaseouts
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  can reduce incentives to earn more. His broader proposal is a simpler tax system
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  that raises revenue efficiently while making those costs more visible.
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  Ten Years of Hoover Institution Summer Policy Boot Camp: How Hoover Connects
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  Students with Top Scholars.
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  After 10 years, nearly 1,000 students have now engaged up close with the
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  field-leading scholars of the Hoover Institution through its Summer Policy
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  Boot Camp. Directed by Senior Fellows Scott W. Atlas and Joshua D. Rauh, the
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  program gives undergraduate students and early-career professionals an immersive,
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  close look at US and international policy, teaching students to think
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  critically and evaluate public policy through a dispassionate, evaluative lens.
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  Each participant in the program gets a unique preparation for their future
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  irrespective of career choice, whether that be in public service, business,
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  technology, or the academy. Having this foundational knowledge is important to
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  being a citizen leader. During a panel marking the 10th anniversary of HISPBC,
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  Christopher Phillips, who completed the program in 2023 and rejoined it as a
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  teaching assistant, said the breadth of knowledge and expertise on offer at the
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  program broadened his own horizons. “I found it to be a world-class lineup of
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  faculty and fellows. I learned so much at every single talk that I didn’t know
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  before,” he said. “There were things I hadn’t even ventured into at all.”.
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  Fintechs, Stablecoins, and Competition.
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  On the latest episode of Economics, Applied, Senior Fellow Steven J. Davis
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  welcomes Harvard’s One-Sheen-Due to discuss her analysis of how to transfer
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  funds across international borders with cost-effectiveness. Perhaps surprisingly,
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  the all-in costs of using stablecoins for small-amount transfers (less than
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  $10,000) greatly exceed the cost of using fintech apps and sometimes exceed the
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  cost of relying on commercial banks. Along the way, One-Sheen's analysis also
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  highlights the consumer benefits of greater competition in the market for
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  remittances and other cross-border payments.
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  The high cost and complexity of international money transfers stands in
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  the way of small-scale international trade, hampers migrants supporting
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  families in their home countries, and acts as a drag on global growth.
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  Featured Hoover Publication.
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  Military History in the News.
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  Military History in the News is a periodic column that reflects on how the
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  study of the past allows us to make sense of modern warfare, by providing contexts
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  of similarity and difference that foster perspective and insight.
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  That’s your Hoover Daily Report for Wednesday, October 7th, twenty twenty
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  six.
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  Each weekday, we bring you research, analysis, and commentary focused on
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  public policy, national security, and the ideas shaping American society and
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  government.
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  The Hoover Institution at Stanford University is grounded in constitutional
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  principles with a commitment to sustaining the safeguards of the American
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  way of life.
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  Thank you for listening.
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  For links to all the articles and interviews mentioned today, visit
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  hoover.org slash, HDR.