The Briefing with Albert Mohler Thursday, January 29, 2026
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Jan 29, 2026 A deep dive into California’s proposed 5% wealth tax on billionaires and the union-backed push behind it. Discussion of how wealth taxes differ from income taxes and the practical liquidity problems they create. Examination of potential billionaire departures, residency rules that complicate leaving, and the wider economic risks to California and winning states.
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Wealth Tax Threatens California's Economy
- California's proposed ballot measure would levy a one-time 5% wealth tax on about 200 billionaires rather than an income tax.
- Albert Mohler argues this tax risks driving wealth and investment out of the state, shrinking the tax base and harming the economy.
Be Skeptical Of 'Temporary' Tax Hikes
- Treat promises of 'temporary' tax increases skeptically because governments rarely reverse them once revenue flows begin.
- Mohler warns that temporary measures like California's past ballot taxes become entrenched and are hard to roll back.
Wealth Tax Hits Paper Rich Hard
- A wealth tax taxes total net worth rather than annual income, which can force owners of illiquid paper wealth to pay cash they do not possess.
- Mohler warns many tech billionaires are billionaires on paper and could be bankrupted or incentivized to leave by such a tax.