The Fiscal Reality Check
Joshua Rauh, Gregory Kearney, Lincoln Gerstner, Benjamin Jaros, Siddharth Gundapaneni, John DoranTaxes, Spending, and the Bottom Line
| Platform |  | Pricing | Only free issues | Publishes | Twice weekly |
|---|---|---|---|---|---|
| Issues | 27 | Founded | 7 months ago | Last Issue | 9 days ago |
| Active | |||||
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fiscalrealitycheck.substack.comLatest Issues
Golden State or Golden Exit?
On CNBC’s Squawk Box yesterday, I had the opportunity to discuss California’s proposed billionaire tax with two of the show’s sharp hosts, Andrew Ross Sorkin and Joe Kernen, along with an architect of the billionaire tax himself, Gabriel Zu...
A One-Time Tax With Lasting Effects
Gabriel Zucman has, again, for the third time decided to rehash his criticisms of our recent paper estimating the fiscal impact of the Billionaire Wealth Tax on California. We addressed his criticisms previously in July and earlier this mon...
United CEO’s Wealth Tax Would Hit His Own Shareholders
United Airlines CEO Scott Kirby waded this past weekend into the political battleground over wealth inequality and wealth taxation, in an interview with the New York Times. The headline, “United’s C.E.O. Says It Should Cost More Not to Sit...
It’s Not Just the Wealth Tax on the Ballot. Prop 3 Would Cement California’s Sky-High Income Tax Rates.
As published in the Orange County Register on October 2, 2026.
While much attention has focused on the Proposition 40 “Billionaire Tax Act,” Californians will vote this November on another consequential tax measure. Proposition 3 would mak...
In Defense of Ranges and Caveats
Today, Los Angeles Times business columnist Michael Hiltzik published a defense of Proposition 40, California’s proposed 5% wealth tax. The column features a pull quote from me, presented as a gotcha:
Naming the limitations of one’s work...
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Authors
The writers behind this newsletter.
George P. Shultz Senior Fellow at the Hoover Institution, Ormond Family Professor of Finance at the Stanford Graduate School of Business
Policy Fellow at the Hoover Institution, Contributor to Liberty Lens & Fiscal Reality Check.
Student-athlete at Sacred Heart Prep(co 2027) Learning fast, but a long way to go.
Research Fellow at the Hoover Institution and Economist interested in Public Finance, Taxation, and Economic History.
Predoctoral researcher at the Hoover Institution. B.S. Mathematics and Economics from Binghamton University. Research interests include monetary theory, self-insurance, and mechanism design. You can find details of my research on my personal webpage.
John Doran is a research analyst for the Hoover Institution’s Fiscal Policy Initiative. His research interests include public finance, financial economics, and monetary economics.
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