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

The architect of California's proposed billionaire tax says it will raise state revenues by 100 billion dollars. According to our guest today, that estimate is about 125 billion too high. Josh Ralph on Uncommon Knowledge. Now, [music]

welcome to Uncommon Knowledge. I'm Peter Robinson. A fellow at the Hoover Institution and a professor of finance at Stanford Business School, Joshua Ralph did his undergraduate work at Yale and his graduate work in economics at MIT. During the first Trump administration, he served as both an economic adviser to the Congressional Budget Office and as chief economist at

the White House Council of Economic Adviserss. Professor Ralph knows everything there is to know about tax and fiscal policy. But don't worry, he has a special guest for talking about it in a way that anyone, that would be me, that anyone can understand. Josh, thanks for joining us. >> Thank you so much for having me.

>> Um, first question, could we have you take a look at President Trump remarks that he made earlier this very month of September? If the Republicans win the House of Representatives and the United States Senate, both of them, because of our economic tremendous economic success, like in in history, we've never had anything like

what's happening, but because of our tremendous strength and success economically, I will issue a dividend to every adult citizen in the United States of America for $5,000. >> [cheering and applause] >> On a scale of 1 to 10, one being what a mistake and 10 being brilliant, how would you rate the president's proposal

to give every adult American five grand? >> Well, I'm going to give it a two, and I'll tell you why I'm not giving it a one. >> All right. >> Uh, I find it very disappointing. First of all, this is not the the the fiscal policies of the Republican party that I once knew. these are not the fiscal