“5% Today… EVERYTHING Tomorrow?” The California Tax Plan Critics Say Could Destroy Wealth Nationwide

On The Record with Christian Briggs · Apr 29, 2026 · 50m

In this fiery episode of On the Record, Christian Briggs takes aim at California’s proposed billionaire and millionaire “net worth tax,” calling it one of the most extreme and dangerous economic policies in modern U.S. history. Framing it as more than just a state-level issue, Briggs warns that what starts in California could quickly spread across the country.

At the center of the debate is a proposed one-time 5% tax on net worth for billionaires, designed to raise an estimated $100 billion in revenue. But Briggs argues the reality is far more complicated—and far more damaging.

He explains…