This week, editors Peter Suderman, Nick Gillespie, and Matt Welch are joined by Associate Editor Liz Wolfe to discuss California's proposed 5 percent wealth tax on billionaires, which a Hoover Institution study suggests could ultimately cost the state $39 billion in lost revenue. With wealthy residents already leaving California, the panel examines whether the measure will survive next week's vote, why Gov. Gavin Newsom opposes it, and how public sector unions have helped fuel the state's spending problems.

The panelists then look to France, where mounting unrest and economic stagnation raise questions about the long-term consequences of high taxes, expansive welfare programs, and pension obligations that increasingly burden younger generations. Next, they discuss Venezuelan opposition leader María Corina Machado returning home after 10 months in exile. Then, with the midterm elections next week, the editors examine whether Trump's tariffs, war with Iran, and mounting allegations of corruption will deliver Democrats control of Congress. Finally, a listener asks whether today's democratic socialist movement will ultimately be remembered like the libertarian and Tea Party movements of the early 2010s.

0:00—California's wealth tax proposal

13:02—Will France protests influence America?

22:50—Corina Machado returns to Venezuela.

31:19—Listener question on the DSA

44:40—2026 Midterm elections preview

58:34—Weekly cultural recommendations

Upcoming Reason Events

Reason Versus - Authoritarianism Is a Right-Wing Problem, November 10

Mentioned in the Podcast:

"Will the Wealth Tax Fail?" by Liz Wolfe
"France Is a Warning to California's Tax-the-Rich Crowd," by Veronique de Rugy
"California's 'Wealth Tax' Could Cost the State $39 Billion," by Eric Boehm
"Report: California's Proposed 'Billionaire Tax' Is Based on Bad Research," by J.D. Tuccille
"A Wealth Tax Built on Billionaires Who Aren't Really Billionaires," by Veronique de Rugy
"New Book Says Jared Kushner Funneled Money to Middle East Mercenaries. Kushner Denies It." by Matthew Petti
"Trump's Tariffs Are Politically Toxic," by Eric Boehm
"The Democrats' Socialist Moment," by Matt Welch
"Family Separation Drama Fjord Is a Haunting Depiction of Unchecked State Power," by Peter Suderman

The post California's Wealth Tax Could Cost the State $39 Billion appeared first on Reason Magazine.

This week, editors Peter Suderman, Katherine Mangu-Ward, Nick Gillespie, and Matt Welch discuss the riots engulfing France and whether the country's increasingly unsustainable welfare state has made it ungovernable. They examine competing claims that immigration and austerity are fueling the unrest, the political gains being made by the French right, and why even modest pension reforms provoke fierce resistance.

The conversation turns to the United States, where President Donald Trump's tariffs are losing support among blue-collar voters and Republicans are struggling in traditionally conservative areas like Ohio. The panelists then discuss the abrupt departure of White House press secretary Katie Zacharia after just five days on the job. Later, they examine Sen. Elizabeth Warren's (D–Mass.) opposition to a proposed $45 billion merger involving McCormick and Unilever. Finally, a listener asks why libertarians don't follow the Democratic Socialists of America's example by trying to reshape the Republican Party from within.

0:00—France's riots and the imploding welfare state
21:29—Trump's tariffs lose support among blue-collar voters.
29:41—Zacharia's tenure as White House press secretary
35:45—Listener question on libertarian influence strategy
45:52—Warren's corporate merger opposition
57:07—Weekly cultural recommendations

Upcoming Reason Events

Reason Versus - Authoritarianism Is a Right-Wing Problem, November 10

Mentioned in the Podcast:

"France Burns," by Liz Wolfe
"Protesters in France and Spain Are Angry at Government Failure—and Demanding More Government," by Reem Ibrahim
"French Tantrum," by Liz Wolfe
"Yes, Heavy Regulation Hurts the Economy. Just Look at France." by Veronique de Rugy
"Even Blue-Collar Workers Have Turned Against Trump's Unpopular Tariffs," by Eric Boehm
"Ohio's Democrat Momentum," by Liz Wolfe
"Trump Fired Kimberly Guilfoyle for Influence Peddling That Pales Next to His Presidential Profiteering," by Jacob Sullum
"Why populism leads to decline," by Nick Gillespie
"How Third Parties Die," by Jesse Walker
"How GOP Fiscal Sanity Died, in 7 Easy Steps," by Matt Welch
"Be Prepared for Elizabeth Warren's Reign of Economic Error," by Nick Gillespie
"Elizabeth Warren Wants the Government To Investigate America's 'Sandwich Shop Monopoly,'" by Christian Britschgi
"The Elizabeth Holmes Documentary You Can See Everything Is an Act of Radical Empathy," by Peter Suderman
"Thank Dutch Merchants, Not a Strong State, for Capitalism," by Edward Stringham

Today's sponsor:

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The post France's Welfare State Is Finally Imploding appeared first on Reason Magazine.