The Billionaire Tax, Voter ID, and 12 Other Initiatives That Will Shape California's Future | Jon Fleischman

**Guest** Jon Fleischman, political commentator and author of the "So Does It Matter" Substack **Guest Bio** Jon Fleischman is a veteran California political commentator, publisher of the "So Does It Matter" Substack, and one of the state's most respected voices on ballot initiatives, fiscal policy, and taxpayer advocacy. His voter guide covering all 14 November 2026 ballot propositions is a go-to resource for California voters looking for clear, principled analysis. **Show Summary** Jon Fleischman joins Jon Slavet to break down California's November 2026 ballot, which features 14 propositions, the most in recent memory. They cover six key measures: Prop 3, which would make the 13.3% top income tax rate permanent after voters were promised it was temporary; Prop 39, Carl DeMaio's voter ID initiative; Prop 40, the so-called billionaire tax that Fleischman warns is really an "everyone tax" because it gives the legislature unchecked power to levy wealth taxes on anyone; Props 41 and 42, counter-measures that would nullify the billionaire tax if either gets more votes; and Prop 43, the Save Prop 13 initiative restoring the two-thirds requirement for local special taxes. Fleischman explains how the California Teachers Association bankrolls the tax push, why even Gavin Newsom and Xavier Becerra oppose the billionaire tax, and how Hoover economist Joshua Rauh calculates it would cost the state $25 billion. The episode closes with which ballot outcome will send the strongest signal about California's future. **Chapters** 00:00 – Jon Fleischman on California's November Ballot 00:24 – 14 Ballot Initiatives Overview 00:57 – How Ballot Measures Reach California Voters 02:28 – The Attorney General's Ballot Language Bias 03:03 – Prop 3: Making the 13.3% Tax Rate Permanent 03:47 – How the Teachers Union Drives Prop 3 05:01 – Impact on Small Business Owners 05:31 – Prop 39: The Voter ID Initiative 06:18 – Will the Anti-Trump Campaign Kill Voter ID 08:04 – Prop 40: The Billionaire Tax 08:39 – Why Newsom and Becerra Oppose Their Own Party 10:20 – The Everyone Tax: Why All Californians Should Worry 11:38 – The $25 Billion Cost Nobody Talks About 12:33 – Props 41 and 42: The Billionaire Tax Poison Pills 14:46 – Prop 43: Save Prop 13 15:13 – The Howard Jarvis Deal That Made Prop 43 Possible 16:51 – Which Ballot Outcome Will Define California's Future **Connect with Jon Fleischman**  - X: https://x.com/FlashReport - LinkedIn: https://www.linkedin.com/in/jon-fleischman-0205024/ - Facebook: https://www.facebook.com/JonFleischman/ - YouTube:  https://www.youtube.com/user/jonfleischman Enjoyed the episode? Subscribe to our podcast, leave a review on Apple Podcasts or Spotify and join the conversation on Instagram and LinkedIn with the hashtag #stateofgoldpodcast **Connect with State of Gold** - X: https://x.com/realjonslavet - Linked In: https://www.linkedin.com/company/stateofgold/about - Instagram: https://www.instagram.com/stateofgoldpodcast/?hl=en - Website: www.stateofgold.com