Billionaires FLEEING California Over Wealth Tax! w/ Elaine Culotti
April 8, 2026
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9:24Now PlayingBillionaires FLEEING California Over Wealth Tax! w/ Elaine Culotti
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as posted by the channelIndependent California gubernatorial candidate Elaine Culloti joins Jimmy to discuss California's proposed one-time 5% wealth tax on billionaires, which would take 5% of their total assets (not just income) to offset federal healthcare cuts—a plan that she says has already backfired as billionaires like Sergey Brin, Mark Zuckerberg, and Elon Musk have fled to tax-friendly Florida. Culloti argues that the state "can't tax your way out of this problem" and proposes instead that California borrow from billionaires through a "Great American Credit Union," allowing them to invest in state infrastructure at low interest rates while keeping their capital in California.
Culotti notes that the state has already lost $122 billion in departing wealth—more than the tax would have raised—and that small business is the real economic backbone, not billionaire taxes. The solution, she concludes, is to stop chasing billionaires away and instead partner with them to fund infrastructure, housing, and business development.
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#TheJimmyDoreShow is a hilarious and irreverent take on news, politics and culture featuring Jimmy Dore, a professional stand up comedian, author and podcaster. The show is also broadcast on Pacifica Radio Network stations throughout the country.
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