Brian Galle

I like these proposals. Private action is necessary here bc the Supreme Court has already said states can't mandate disclosures of fundraising costs. But both mandated and Guidestar disclosures work to pressure high-cost firms. (For ungated version of the evidence papers.ssrn.com/sol3/papers....).

While the idea that a guy worth $250 billion needs his (publicly owned) company to pay his taxes should make your eyes roll out of your head, this also goes to show that all the "billionaire founders aren't liquid and a billionaire tax would mess up their companies!" stuff is bullshit.

I may be breaking a little news here, but PACER indicates that the government has abandoned its appeal in the PSLF rule challenge. That is, the rule blocking public-service loan forgiveness for employees of firms that ED claims are "illegal" is now dead. No rites or services will be observed.

"But critics have described Prop 42 as a 'poison-pill measure'...to defeat the proposed billionaire tax, revenue from which would be used to fund healthcare, food aid, and education in the state." Don't be fooled by Prop 42!

I just received a text with the Governor's photo over an ad for Prop 42, which unfortunately was packed with lies and misleading claims. I'm starting to feel like maybe this guy isn't on the level.

Prop 42 is a cynical, deceptive provision that pretends to "protect retirement savings" (which aren't under threat) but has only 2 real effects: block prop 40 and hand an unpredictable set of weird consequences of its bad drafting to future tax opponents. Shame on its supporters.

Prop 42 is a cynical, deceptive provision that pretends to "protect retirement savings" (which aren't under threat) but has only 2 real effects: block prop 40 and hand an unpredictable set of weird consequences of its bad drafting to future tax opponents. Shame on its supporters.

Not to disappoint, but Prop 40 does not tax dual-class s/h on their voting share. For one, the rule is only for private cos. Also, though the s/h is indeed presumed to own at least their voting share, that's just a presumption; if that overvalues their interest, they can just submit an appraisal.

For perspective, when I was hired at DOJ, I was told there were 9,000 applicants for the position. In the Tax Division!

Hey check out Nick Lemann, famed journalist and law prof dad (what's up, Alex?) on the #Prop40 billionaire tax fight, with some quotes from me: www.newyorker.com/magazine/202...

Did you know? 📉 Medi-Cal enrollment declined by more than 1M from June 25 ➡️ 26 📉 HR1 work requirements may accelerate this decline Prop. 40 is a one-time Billionaire Tax on 5% of their wealth to fund: ➡️ Health insurance coverage & care for Californians (90% of funds) ➡️ Food & education (10%)

California voters will weigh in on a one-time 5% wealth tax on the state's billionaires. Opponents of the plan continue to raise objections, many of which are tenuous and have already been addressed. itep.org/californias-...

My convo with The New Yorker's incredibly professional & dedicated fact checker: IPADFC: "This says you're going to get $100 billion from just 200 people. How is that possible?" Me: "Well, the 200 people are worth > $2.2 trillion." IPADFC: <long pause> IPADFC: "Those are really enormous sums."

Was...was I just ricrolled by a statistics bot?

This very fine & excellent conference comes to you courtesy of program co-chairs @katarzynabilicka.bsky.social, Kathy Michelmore, and yrs truly, aided of course by our program committee and the good folks on the NTA team. You will be sad if you miss it.

Six Nobel laureate economists, including our chief economist @josephestiglitz.bsky.social and senior fellow @pkrugman.bsky.social, are backing California’s billionaire tax. They argue a vote in the state with more billionaires than any other could help kick-start wealth taxes nationwide.

This is obviously nuts but I do want to see states put a "place offsetting $580 bets on State U instead" button on their work requirement verification pages.

This is obviously nuts but I do want to see states put a "place offsetting $580 bets on State U instead" button on their work requirement verification pages.

There's still time to register for the @rooseveltinstitute.org #HotTaxFall event tomorrow! FT Tax Wonks: @bdgesq.bsky.social @samarthgupta.bsky.social @natekelly.bsky.social And other wonks: @elizabethwwilkins.bsky.social @suzmkahn.bsky.social

California's wealth tax would be a great gift for some of the country's richest people cepr.net/publications...

I support this effort but hey! I am already using that name. rooseveltinstitute.org/wp-content/u...

Oh, nice! I am the very first follower for my co-author @mcmungan.bsky.social, crim law expert and horse guy. (To be clear, he is a guy who likes horses, not some kind of centaur thingy).

IRS Investigations of Nonprofits: An Explainer www.icnl.org/our-work/us-... @icnl.bsky.social #nonprofitlaw

Now in print: Where are all these super-rich families hiding their money from the estate tax? How can we tax it anyway? Read the answer in an article that NBER President Jim Poterba himself calls "very interesting"! repository.law.upenn.edu/Documents/De...

No loophole for dying with your fortune intact, either. If NYC is a local test case, this is the national blueprint. Read the full piece here: democracyjournal.org/magazine/81/...

In New York City, property owners are pushing back hard on Mayor Zohran Mamdani's pied-à-terre tax: suing to block it and threatening to pull business from the city. A tax like this is one way progressives are trying to tax the rich.

Sobering story on the impact of federal cuts on CA's health system, and unfortunately the Becerra quotes are cringe at best. There is no plan except to watch insured workers pay an extra $30B per year. This is exactly the crisis Prop 40 was written for: $100B in revenue, 90% to reduce health costs.

Thought I could escape reading yet more from the ubiquitous @agranato42.bsky.social but now he's showing up in my basketball news feed, too. Does this guy sleep? www.nytimes.com/athletic/752...

It’s hard to separate this spending from the deeper problem of extreme wealth in our politics. Fortunes insulated from taxation are being used to fight efforts to make the rich pay their share. That’s the cycle we need to break. @bdgesq.bsky.social shows how: rooseveltinstitute.org/publications...

Fun fact, this is not Ryan Grim's idea; it is how the California billionaire tax actually operates (although we drafted it to take notional equity stakes rather than actual shares to simplify corporate governance).