In recent years, California has been considering the introduction of a new billionaire tax as a radical reform to address wealth inequality. Amidst this race against time, numerous challenges to implementation have emerged.

Historically, ultra-wealthy individuals have minimized their income tax burdens by utilizing tax-exempt assets such as stock options, family trusts, and art collections. Based on this reality, the proposed one-time 5% billionaire tax by California has garnered attention as a means to reduce the wealth gap.

However, as reported by Bloomberg and discussed on the "Everybody's Business" podcast, policy expert Ray Madhoff has pointed out the complex structure and operational difficulties of this reform proposal. He suggests that, beyond simply raising taxes, the government should consider alternative measures to address economic disparities and emphasizes the importance of careful policy design over time.