Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines.

In the final episode of Unpacking the Billionaire Tax, host Howard Miller and tax attorney Robert Wood lay out what would happen if Proposition 40 passes: a compressed litigation timeline that sends legal challenges from Sacramento Superior Court to the California Supreme Court within a year, a one-time extension pushing the tax payment deadline to Oct. 15, 2027, and a quirk in the election calendar that could have some voters casting ballots before the full text of the initiative is available in print.

Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines.

In Episode 4 of Unpacking the Billionaire Tax, host Howard Miller and tax attorney Robert Wood turn to what happens after passage: the procedural path if the act is challenged in court, and the practical questions of timing and collection once the tax takes effect.

Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines.

In Episode 3 of Unpacking the Billionaire Tax, host Howard Miller and tax attorney Robert Wood examine the act's extended statute of limitations, which gives the Franchise Tax Board 10 years to audit wealth tax liability compared with the standard four-year window, and a new requirement that every California taxpayer certify on their income tax return whether their net worth exceeds a billion dollars.