Debate XII: Californians Should Vote Against the Billionaire Tax

​The Billionaire Tax is a threat to the flourishing of California. The forefathers of America shared a clear and precise conviction: that prosperity and abundance is not conjured by distant monarchs, faceless agencies, or unaccountable bureaucrats, but rather emerges from the voluntary enterprise of free citizens who risk themselves in pursuit of the Frontier. The Billionaire Tax, with its unprecedented targeting of wealth rather than income and Draconian enforcement mechanisms represents a radical departure from this base truth, one that reaches beyond even the most extreme tax measures proposed in the history of California. While the Tax looks to now-wealthy entrepreneurs, innovators, and builders to instantly alleviate the state's financial crisis, it threatens to destroy the ethos of California itself and thereby create another crisis much larger and more intractable in its wake.

​YET, the hyperbole surrounding the Billionaire Tax is both misleading and misguided. It is a temporary tax on wealth that responds to an emergency and it is about the same size (1%/year) as the wealth taxes middle class Californians pay every year (the real property tax). American states had a similarly broad property tax for a hundred years. Hyperventilating about a temporary return to this tax for a small period is unwarranted. That is, unless there is some reason why these fortunate taxpayers should not contribute what every one else contributes. Decades of legal loopholes have functionally granted a class of wealthy Californians a permanent exemption from the tax obligations to which every other citizen is bound. The consequences are more than theoretical to over a million Californians who are being asked to give up their health insurance to pay for poorly-designed federal tax cuts for the wealthy. Accepting the notion that certain taxpayers are too rich to pay like everyone else and even for emergencies such as this would actually be corrosive both to our democracy and to our open economy.

​Format

The Hamilton Society is joined by esteemed guests, Trae Stephens (Partner at Founders Fund, co-founder and Executive Chairman at Anduril Industries) and Brian Galle (Professor of Law at UC Berkeley, co-author of the 2026 Billionaire Tax Act).

​​​​For first-timers, note that this is not a 1v1 debate. The Hamilton Society model is parliamentary: caucus members will be able to speak, time permitting.

​For the first time, we will be running an audition process for caucus speakers prior to the debate. 6 speakers will be selected, 3 on either side. If you would like to speak, please arrive to the venue at 5:30pm for a five minute audition.

​Note that while a few speaking slots will be kept open for impromptu caucus speeches, no exceptions will be made for the pre-determined speaker slots. If you do not audition, it is almost certain that you will not be able to speak.

Logistics

Please make sure to bring your government ID to the debate. We will not be able to check you in without it. If you have +1s, they must register separately; last-minute registrations at the door will not be approved. All tickets will be checked at the door.

​Dress code is strictly formal: suit and tie for men, equivalent for ladies. Ties are not optional.

​​​​Hors d’oeuvres will be served at 6:30pm. Debate will begin at 7pm sharp with doors closing at 7:15pm. Drinks will be served throughout the night.

With questions about the debate, please contact the Chief Whip at (914) 879-1906.