S8 Ep1322: Veronique de Rugy critiques California Representative Ro Khanna's proposal for a "one-time" 5% wealth tax on billionaires. De Rug

The John Batchelor Show · Aug 21, 2026 · 9m

Veronique de Rugy critiques California Representative Ro Khanna's proposal for a "one-time" 5% wealth tax on billionaires. De Rugy explains that several different European countries largely abandoned wealth taxes because they are administratively difficult, generate little revenue, and cause severe economic distortions. Highlighting a debate between Khanna and Mark Cuban, she details how taxing paper wealth completely ignores true liquidity, forcing entrepreneurs to sell shares of private companies or borrow against volatile collateral. De Rugy warns that wealth taxes inevitably expand to…