The Billionaire Tax, The Busted Federal Budget, and the Future of the American Experiment

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  The architect of California's proposed billionaire tax says it will raise state revenues by $100 billion.

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  According to our guest today, that estimate is about $125 billion too high.

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  Josh Rao on Uncommon Knowledge Now.

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  Welcome to Uncommon Knowledge.

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  I'm Peter Robinson.

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  A fellow at the Hoover Institution and a professor of finance at Stanford Business School,

• 00:34

  Joshua Rao did his undergraduate work at Yale and his graduate work in economics at MIT.

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  During the first Trump administration, he served as both an economic advisor to the Congressional Budget Office

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  and as chief economist at the White House Council of Economic Advisors.

• 00:51

  Professor Rao knows everything there is to know about tax and fiscal policy.

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  But don't worry.

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  He has a special guest for talking about it in a way that anyone, that would be me, that anyone can understand.

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  Josh, thanks for joining us.

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  Thank you so much for having me.

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  First question.

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  Could we have you take a look at President Trump remarks that he made earlier this very month of September?

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  If the Republicans win the House of Representatives and the United States Senate, both of them,

• 01:22

  because of our economic...

• 01:25

  Tremendous economic success.

• 01:27

  Like in history, we've never had anything like what's happening.

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