California’s Billionaire Tax: A Game of Make Believe Money

The Dr. Phil Podcast

Dr. Phil McGraw

Education, Society & Culture

4.3 • 13.5K Ratings

🗓️ 5 February 2026

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

California is chasing opportunity right out of the state.

Progressive lawmakers are slapping a massive new price tag on the Golden State — one so high it could drive out the businesses, founders, and job creators who built California’s economy.

California’s proposed Wealth Tax Act, better known as the Billionaire Tax, would hit roughly 200 Californians worth more than $1 billion with a one-time 5% tax on worldwide net worth.

Even Gavin Newsom has warned that state-level wealth taxes accelerate the California exodus, pushing innovation, investment, and jobs out of the state.

Here’s why taxing billionaires could end up setting California’s own economy on fire.

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Transcript

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0:00.0	Depending on where you live, especially right now, winter is a time of year when you dream
0:07.8	about California.
0:08.8	A little sunny blue skies, highs in the 50s and 60s, and even 70s.
0:14.4	A few days of rain each month, we used to say you can't put a price on California living.
0:21.3	Or can you?
0:23.1	California's liberal lawmakers want to do exactly that.
0:27.3	This is a beautiful state.
0:29.6	I mean, absolutely beautiful.
0:32.0	When you're talking about geography, when you're talking about topography,
0:36.4	when you're talking about that sea breeze coming off the ocean.
0:40.5	Oh my God. California is beautiful until you screw it up. And that's the real story.
0:49.6	Progressives are pushing for a hefty price tag on the Golden State. One so high it could drive out
0:57.5	the state's most successful businesses and the people who built them. I'm talking about
1:03.7	California's wealth tax act, better known as the billionaire tax. Here's a headline.
1:14.2	Will another Google ever be created in California?
1:18.3	The proposed wealth tax is much worth than it appears.
1:24.6	Billionaires flee California within seven days over proposed wealth tax. The proposed California wealth tax is far higher than the 5%. It appears
1:31.1	to be levying on people. Now, you've heard me talk before about the California Exodus, sparked
1:37.5	by out-of-control liberals bleeding the state with economic, social, and business policies.
1:45.0	But this tax... I've got to tell you, this tax takes the cake.
1:49.6	Now, you're probably wondering why I'm even talking about this, because you're probably
1:56.3	not a billionaire.
	...

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