This draft report consists of revenue, economic, and constitutional analysis of the California Extreme Wealth Tax.A revised and updated version of this report is available here: https://ssrn.com/abstract=3924524

This essay argues that, if the federal government fails to act sufficiently regarding the COVID-19 budget crisis, states should consider either real property surtaxes on their wealthiest residents or partial deemed realization of the unrealized capital gains of the very wealthy

As the Great Recession dramatically illustrated, state and local governments need a more stable revenue source. Accordingly, states and localities as diverse as Texas and San Francisco, are experimenting with new kinds of taxes. However, there has been essentially no experimentation with the...