Even a Top Consultant for California’s Wealth Tax May Vote Against It

Allen Prohofsky was the former chief economist for California’s Franchise Tax Board until 2023. After he retired he acted as a consultant to the team of economists that designed Proposition 40, which would impose a “one-time” 5 percent wealth tax on people with holdings that top $1 billion.

He knows the measure in and out, and he’s just told Bloomberg News: “I don’t trust them when they say it is temporary. I’m very seriously thinking of voting against it.”