Economics Professor Emmanuel Saez participated in an expert roundtable convened by The New York Times.
A proposed wealth tax has pitted Democrat against Democrat in California. The initiative, which a health care worker union wants to place on California’s November ballot, would apply a one-time 5 percent tax on the fortune of any Californian worth more than $1 billion. Gov. Gavin Newsom opposes it, while Ro Khanna, who represents Silicon Valley in the U.S. House, favors it. Some prominent billionaires have already exited the state, and others are staying put.
Stephen Stromberg, an editor in Opinion, convened a written discussion with Steven Rattner, a contributing Opinion writer; Catherine Rampell, economics editor of The Bulwark; and Emmanuel Saez, a U.C. Berkeley economist, to discuss the California plan, wealth taxes and economic inequality.