The Reporter Nicholas Lemann on California’s Battle to Pass a Billionaire Tax

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<p>In California, progressives have crafted a ballot initiative that calls for a wealth tax—a one-time, five-per-cent tax on wealth above a billion dollars, earmarked to shore up the state’s health-care system after drastic federal cuts. Wealth inequality is a vast concern, especially among Democrats, and taxes on substantial wealth are broadly popular. Yet, as the <i>New Yorker</i> staff writer Nicholas Lemann reports in “<a href="https://www.newyorker.com/magazine/2026/10/12/the-battle-to-pass-a-billionaire-tax" rel="noopener noreferrer"><u>The Battle to Pass a Billionaire Tax</u></a>,” many prominent Democratic politicians, including Elizabeth Warren, have declined to support it publicly. Lemann talks with David Remnick about why this bellwether progressive issue faces such an uphill battle.&nbsp;</p><p><i><strong>Further reading and listening:&nbsp;</strong></i></p><ul><li>“<a href="https://www.newyorker.com/news/the-weekend-essay/on-not-being-a-homeowner#rid=3b176300-3cc0-40dc-97cc-624d78b34f9f&amp;q=california" rel="noopener noreferrer"><u>On Not Being a Homeowner</u></a>,” by Anna Holmes&nbsp;</li><li>“<a href="https://www.newyorker.com/podcast/political-scene/can-california-actually-make-billionaires-pay#rid=ad099d1e-5cab-4fc3-9bb7-96dbe437b139&amp;q=california" rel="noopener noreferrer"><u>Can California Actually Make Billionaires Pay?</u></a>,” an episode of The Political Scene</li><li>“<a href="https://www.newyorker.com/podcast/the-new-yorker-radio-hour/how-a-trump-endorsed-republican-could-become-californias-next-governor#rid=ad099d1e-5cab-4fc3-9bb7-96dbe437b139&amp;q=california" rel="noopener noreferrer"><u>How a Trump-Endorsed Republican Could Become California’s Next Governor</u></a>,” an episode of The New Yorker Radio Hour</li></ul><p>&nbsp;</p><p>New episodes of The New Yorker Radio Hour drop every Tuesday and Friday. Join host David Remnick as he discusses the latest in politics, news, and current events in conversation with political leaders, newsmakers, innovators, <i>New Yorker</i> staff writers, authors, actors, and musicians.</p><br/> <p>Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.</p>