Wealth tax explained — and why entrepreneurs across the country should pay attention.

In this episode, Tom Wheelwright sits down with Jon Coupal, President of the Howard Jarvis Taxpayers Association, to break down California’s proposed billionaire wealth tax and its broader economic and legal implications.

Many people assume a wealth tax only affects ultra-rich individuals. Tom and Jon explain why the policy structure could reach far beyond billionaires by targeting privately held businesses, real estate holdings, and long-term investments. For business owners and investors, this changes how companies are valued, how assets are structured, and how succession planning works.

You will learn:

• What a wealth tax actually taxes (and how it differs from income tax)
• Why business owners could be affected even without high cash income
• The legal challenges of taxing assets and unrealized gains
• How state tax policy can influence national tax policy
• What entrepreneurs and investors should prepare for now

This topic matters today because tax policy increasingly focuses on assets rather than earnings. Entrepreneurs often hold wealth inside businesses and investments, meaning a wealth-based tax system affects decision-making long before a sale or exit occurs.

Understanding potential policy changes allows business owners to plan proactively instead of reacting after implementation.

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Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com/

00:00 – Intro.
06:00 – Billionaire’s Tax: What Is It?
10:55 – What is Wrong with the Wealth Tax?
15:50 – Will It Stop in California? Will It Only Be a One-Time Tax?
18:52 – Concerns of Privacy.
22:02 – Consequences of California Migration for the Golden State and Beyond.
25:41 – The Bleed from State to Federal.
29:29 – Closing Statements.

Looking for More on Jon Coupal?
Website: http://www.hjta.org/
LinkedIn: http://www.linkedin.com/in/jon-coupal-68772ba
Twitter/X: @joncoupal

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DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.