
Why We Must Tax Billionaires | Gabriel Zucman on Inequality and the Wealth Tax (018)
My guest today is Dr. Gabriel Zucman, the world's leading expert on wealth taxes. He’s a professor at both the Paris School of Economics and UC Berkeley, and he’s the author of several books, including his most recent: We Need To Tax Billionaires. We recorded this conversation during the lead up to the November 2026 elections in the US, when Californians will vote on Prop 40. If passed, it would be the first-ever tax on the net wealth of ultra-rich people in the history of the US. In this episode, Prof. Zucman explains how the ultra-wealthy in the US and Europe have managed to pay a lower effective tax rate than average citizens, and how their tax avoidance has led to massive inequality and the erosion of democracy around the world. He debunks common myths against a wealth tax, and explains why wealth taxes are necessary for a functioning democracy. We end on what’s currently at stake in California, and how Prop 40 could be the first domino to fall in a global fight to normalize wealth taxes on the ultra-rich. Support the Better Future podcast by becoming a paid subscriber on Substack, where we also publish frequent articles: https://betterfuturemedia.substack.com/ Learn more about Gabriel Zucman and his work: https://gabriel-zucman.eu/ Check out Dr. Zucman’s new book, We Need to Tax Billionaires: https://gabriel-zucman.eu/we-need-to-tax-billionaires/ Thanks to Shared Future for sponsoring this episode. #SharedFuturePartner Here are links to resources mentioned in our conversation: The Hidden Wealth of Nations, Prof. Zucman’s book on tax havens: https://press.uchicago.edu/ucp/books/book/chicago/H/bo20159822.html How Much Tax Do Billionaires Pay? Evidence from Administrative Data – NBER: https://www.nber.org/papers/w34170 California Billionaires: Wealth, Taxes, and Wealth Tax Revenue Estimates – NBER: https://www.nber.org/papers/w35218 ProPublica's 2021 article on the IRS file leak that showed what US billionaires actually pay in taxes: https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax The California Proposition 40 Official Voter Information Guide: https://voterguide.sos.ca.gov/propositions/40/ The Yes on 40 campaign: https://yeson40.com/ Follow Gabriel Zucman on social media: Instagram: https://www.instagram.com/gabriel.zucman/ Instagram (English): https://www.instagram.com/gabrielzucman.english/ LinkedIn: https://linkedin.com/in/gabriel-zucman Substack: https://substack.com/@gabrielzucman X: https://x.com/gabriel_zucman Subscribe to the Better Future podcast on your preferred platform: YouTube: https://www.youtube.com/@michaelmezz Spotify: https://open.spotify.com/show/16K0dkbk35q0mTslKJJ7z0 Apple: https://podcasts.apple.com/us/podcast/better-future-with-michael-mezz/id1823942833 Pocket Casts: https://pca.st/4mgozhfv Follow Michael on Instagram: https://www.instagram.com/michael__mezz/ Follow the Better Future Podcast on Instagram: https://www.instagram.com/betterfuturepod/ 00:00 California’s billionaire tax: a matter of democracy vs oligarchy 00:36 Introducing Dr. Gabriel Zucman 04:43 How tax havens hide the wealth of billionaires 09:18 Why the billionaire tax is part of an unfinished revolution 12:37 Billionaires pay a lower tax rate than we do 20:46 How wealth inequality erodes democracy 26:04 Debunking common myths against wealth taxes 36:06 Ending tax competition between countries 41:48 Wealth taxes don’t actually slow innovation 46:20 How Gabriel’s global wealth tax would work 54:08 The USA’s history of high income taxes 57:56 What’s at stake with California's billionaire tax 1:10:35 Conclusion Host/Creator: Michael Mezzatesta Guest: Gabriel Zucman Producer: Jade Risser Editor: Nuria Salgado Designer: Amea Wadsworth Thanks for watching episode 018. Stay tuned for more!
















