California High-Speed Rail & the Billionaire Tax
Sources 73
Primary documents, filings, and reporting cited in this episode. Click any source to highlight where it comes up in the transcript, or press ▶ to jump to that moment.
Official Voter Information Guide, November 2008 (Proposition 1A) ↗
The 2008 voter guide (original stub). Prop 1A: $9.95 billion in bonds for a high-speed train linking SoCal, the Central Valley and the Bay Area; "220 MPH" in the argument in favour.
2026 Draft Business Plan ↗
Feb 2026 draft plan (original stub): $1B a year in Cap-and-Invest funding through 2045; Phase 1 re-estimated at $231.3B, or $126.2B on the optimised approach; a $3.5B track and systems contract for the 119-mile Central Valley segment.
OIG report on consultant travel expenses (stub URL) ↗
Original stub URL. It now returns 404.
Investigation: Allegations of Wasteful and Unallowable Travel Expenses for Contracted Consultants (#2026-INV-08) ↗
15 Sep 2026: $2.013M in consultant travel reviewed; $81,000 unallowable under state rules (gyms, an escape room, a nightclub) plus $543,000 not allowable under the contracts; "learning the hard way" email.
High-Speed Rail Board votes to limit project CEO's spending power ↗
Oct 2026: a 7-2 board vote removes Choudri's power to manage contracts alone.
California high-speed rail consultants billed taxpayers for late-night rides from CEO's home, receipts reveal ↗
A dozen rides to or from Choudri's Folsom street by consultants Prate (KPMG) and Butzin (Nossaman); Choudri walked away without answering; his wife works for KPMG.
California High-Speed Rail Authority reimbursed consultants for trips to nightclubs, wasteful expenses, watchdog finds ↗
Reimbursements included premium airfares, Uber Black and Lyft Black upgrades, gyms, escape rooms, cigar lounges and tiki bars.
Governor Newsom issues legislative update 9.30.2026 ↗
30 Sep 2026 veto list, including AB 1608 (Wilson), Office of the Inspector General, High-Speed Rail.
California AB 1608: Office of the Inspector General (Vetoed) ↗
Bill tracker for AB 1608: Assembly concurrence 64-8, Senate 39-0, vetoed 30 Sep 2026; a contracting exemption up to $1M.
Board Memo: Consider approving Change Order #427 for Construction Contract 2-3 ↗
29 Apr 2026 memo (original stub): CO #427 for CP 2-3; Dragados Flatiron contract of $1.365B from January 2015.
Agenda Item 7 final resolution: CP 2-3 Change Order 427 ↗
29 Apr 2026 resolution: the board approved Change Order 427 for $537,299,086 by 5-0, after the 21 Jan 2026 authorization under Resolution #HSRA 26-02; settlement aimed at guideway completion by 31 Dec 2026.
California High-Speed Rail Authority to settle project's most expensive construction change order yet at $537 million ↗
10 Feb 2026: a $537.3M settlement, the single most expensive change order in the project's history.
Congressman Fong demands transparency on $537.3M high-speed rail change order ↗
Fong: DFJV had 597 change orders totaling over $2.3B as of Nov 2025.
New cost estimate for California high-speed project puts it deeper in the red ↗
March 2023 cost-estimate story (original stub).
High-Speed Rail Draft 2026 Business Plan (LAO handout) ↗
27 Apr 2026 handout (original stub): $1B a year in cap-and-invest from 2030 to 2045; $36B for Merced–Bakersfield; $126B for Phase I; the $4B federal loss.
OIG-HSR Review of 2026 Business Plan ↗
The Authority could exhaust current funds by December 2027 without financing; $35.7B for the reduced-scope M-B segment.
California drops lawsuit seeking to reinstate federal funding for high-speed rail project ↗
Dec 2025: the authority drops its suit over $4B in terminated grants, calling the federal government "not a reliable, constructive, or trustworthy partner".
Public Notice of Procurement Revisions HSR23-18 ↗
The Authority's 6 Aug 2026 notice of revisions to its trainset procurement (RFP HSR23-18).
Board Meeting Memo – Agenda #4 – October 28, 2026: Trainsets and Related Services Contract, HSR23-18 ↗
Staff memo recommending the board award the three-trainset contract to Siemens Mobility, the apparent best value proposer, at its 28 Oct 2026 meeting.
California's Bullet Train Boondoggle ↗
21 Oct 2026 (Rufo & Schrupp): more than $677M on environmental review; more than 130,000 pages; 40 feet tall, 1,300 lb.
California's Bullet Train Boondoggle ↗
The same piece: firm payments (PB $101M, HNTB $86M, WSP $61M, AECOM $38M); donors to the 2008 committee; HNTB PAC to Wiener; $480K burrows, $352,490 lizard surveys, $290K software; $142M+ of amendments in June 2018.
LAO 2020 cap-and-trade report (stub URL) ↗
Original stub URL. It now serves LAO's "Sorry, we can't find that page" error page (HTTP 200).
California Health and Safety Code § 39719 ↗
Continuous GGRF appropriations from 2015-16: 25% to HSR, 20% AHSC, 10% TIRCP, 5% LCTOP; amended by SB 840 (2025); inoperative 1 Jul 2026.
The 2017-18 Budget: California Spending Plan (Cap-and-Trade Expenditures) ↗
LAO: under 2014 legislation, 60% of auction revenue is continuously appropriated (25% HSR, 20% AHSC, 10% TIRCP, 5% LCTOP); AB 398 (2017) extended cap-and-trade from 2020 to 2030.
California rewrites climate change ballot measure, Proposition 70 ↗
Mar 2018: Prop 70 came from a Brown–Mayes compromise; Mayes delivered Republican votes to extend cap-and-trade to 2030.
SB 862 (2013-2014) ↗
SB 862 bill page (original stub).
Official Voter Information Guide, June 2018 Primary (Proposition 70) ↗
June 2018 guide (original stub). Prop 70 (ACA 1, Res. Ch. 105 of 2017): spending from the reserve fund would need a two-thirds vote of each house.
Statement of Vote, June 5, 2018 Primary Election ↗
Official statement of vote for the June 2018 statewide primary, including Proposition 70.
AB 398 (2017-2018) ↗
AB 398 bill page (original stub): the 2017 cap-and-trade extension through 2030.
Official Voter Information Guide, May 19, 2009 Statewide Special Election: Proposition 1D ↗
Official guide for Prop 1D (AB 17, 2009–10 Third Extraordinary Session): title and summary, Legislative Analyst's analysis and measure text.
Official Voter Information Guide, May 19, 2009 Statewide Special Election: Proposition 1E ↗
Official guide for Prop 1E (SB 10, 2009–10 Third Extraordinary Session): title and summary, Legislative Analyst's analysis and measure text.
Text of Proposed Laws, March 2024 Primary (Proposition 1) ↗
2024 Prop 1 (behavioral health bond) text (original stub).
Statement of Vote, November 6, 2018 General Election: Statewide Summary by County for State Ballot Measures ↗
Official county-by-county and statewide results for the November 2018 state ballot measures.
Annual Reports (2015 to Present) — California Climate Investments ↗
Index of annual GGRF reports (original stub).
Auction Information — Cap-and-Invest Program ↗
CARB auction notices, results and proceeds summary (original stub).
Miles v. Texas Central Railroad & Infrastructure, Inc., No. 20-0393 (Tex. 2022) ↗
Texas Supreme Court opinion delivered 24 Jun 2022 on Texas Central's eminent-domain power.
Change Orders ↗
The Authority's public log of approved Central Valley design-build change orders.
Bill Votes: AB-1608 Office of the Inspector General, High-Speed Rail. ↗
Official floor and committee votes on AB 1608 (Wilson), 2025-26 session.
Statement of Vote, May 19, 2009 Statewide Special Election ↗
Official results: Prop 1D 34.0% yes, 66.0% no; Prop 1E 33.5% yes, 66.5% no.
Board Meeting Presentation, October 28, 2026: Consider Approval to Award and Execute the High-Speed Trainsets and Related Services Contract, HSR23-18 ↗
Staff slides for the 28 Oct 2026 trainset vote, with the delivery and testing timeline.
2026 Business Plan (Final), Chapter 3: Funding to Deliver California High-Speed Rail ↗
Final 2026 Business Plan, p. 30: Merced–Bakersfield revenue service targeted to begin in 2033.
Ballot Analyses: Propositions ↗
LAO's list of analyses for the 3 Nov 2026 ballot (original stub). It summarises Prop 40 as a one-time 5% tax on billionaires' wealth.
Proposition 40: Analysis by the Legislative Analyst ↗
LAO analysis in the official guide: residents on 1 Jan 2026; 5% of net worth; due 2027 with an option to pay over five years; real estate, pensions and retirement accounts generally excluded; mostly for health care.
2026 California Proposition 40 ↗
Summary of the measure, signatures (1.6M claimed; 980,438 valid vs 874,641 needed), supporters (Sanders, Khanna, Steyer, Thurmond, the state Democratic Party) and opponents (Newsom, Porter, Becerra, Villaraigosa, Mahan; Planned Parenthood and the CMA).
The 2026 California Billionaire Tax (explainer) ↗
Drafters' explainer (Feb 2026): 213 California billionaires worth $2.2T; linear phase-in from $1B to $1.1B; payable as 1% a year over five years with a small deferral charge.
Emmanuel Saez — home page ↗
Saez's page (original stub). Lists the Prop 40 expert report with Galle, Gamage and Shanske, plus the "Valuation of Controlling Shares" note.
Expert Report on Valuation of Controlling Shares of Publicly Traded Companies ↗
The drafters on §50303(c)(3)(C). The voting-rights presumption is a default for private interests only, and doesn't apply to publicly traded shares.
Valuation Issues in the Proposed Billionaire's Tax Act ↗
§50303(c)(3)(C) voting-power presumption; the default "book value plus 7.5× three-year average book profits" formula in (c)(3)(E).
California's Proposed Billionaire Tax ↗
Tony Xu example (2.6% economic, 57.6% voting); the GAAP book value + 7.5× profits default; the retroactive snapshot date; nonresident-spouse provisions.
The 2026 Billionaire Tax Act (NBER chapter draft) ↗
Read as written, the Act can be taken to tax either the economic value of a founder's stake or the share of the firm they control.
Proposition Lab: Proposition 40 ↗
Hoover's Proposition Lab: two-thirds of the projected Medi-Cal reductions come after 2030.
California billionaire tax is losing, new polling data shows ↗
Citrin Center–Politico poll: 46% yes, 43% no among likely voters.
California's Prop. 40 billionaire levy remains below 50% in new poll ↗
19 Oct 2026: 46–43, little change from the month before.
Who Are the Billionaires Behind the $304 Million Effort To Defeat California's Wealth Tax? ↗
Through 20 Oct: Building a Better California gave $118.5M against Prop 40 and $186M for Props 41 and 42; opponents outraised supporters more than 9 to 1.
Google's Sergey Brin spent $102 million fighting California wealth tax ↗
12 Aug 2026: Brin gave $102M to Building a Better California, which funds two measures that could block the tax.
More than $351 million spent on wealth tax on November ballot ↗
24 Oct 2026: more than $351M raised in total, about 90% of it to defeat the tax.
Newsom says California wealth tax 'really damaging' ↗
13 Jan 2026: Newsom calls the tax "really damaging" and predicts it "will be defeated".
Democratic fault lines emerge over California's billionaire tax proposal ↗
Porter, Villaraigosa and Becerra oppose; Khanna and Steyer support.
SEIU-UHW ↗
Union homepage (original stub).
Statement of Vote, November 6, 2018 General Election ↗
Official result: Prop 8 (2018) 40.1% yes, 59.9% no.
Statement of Vote, November 3, 2020 General Election ↗
Official result: Prop 23 (2020) 36.6% yes, 63.4% no.
Supplement to the Statement of Vote, November 8, 2022 General Election: State Ballot Measures ↗
Official result: Prop 29 (2022) 31.6% yes, 68.4% no.
Proponents Withdraw Initiative to Limit Compensation for Health Care Executives ↗
PR26-91, 25 Jun 2026: the health-care executive compensation initiative (a $450,000 cap) was withdrawn.
California Hospital Association, Labor Unions Withdraw Ballot Measures ↗
CHA release on the joint withdrawal.
California health clinics accuse influential union and its leader of racketeering in civil lawsuit ↗
18 Sep 2026: CPCA and five clinics sued SEIU-UHW and Regan in federal court; the suit says Regan used Prop 44 as leverage to unionize 25,000 workers.
Billionaires Ready Legal Attack If California Wealth Tax Passes ↗
California Business Roundtable to lead legal challenges; Elizabeth Prelogar retained.
Franchise Tax Board of California v. Hyatt ↗
Hyatt claimed Nevada residence for 1991–92; FTB audit in 1993; decades of litigation; the 2019 US Supreme Court sovereign-immunity ruling.
Supreme Court of California ↗
California Supreme Court landing page (original stub).
My California ballot guide ↗
Tom Steyer's own ballot recommendations, published 16 Oct 2026.
Proposition 40: Text of Proposed Laws ↗
Full text of Proposition 40 as printed in the official November 3, 2026 voter guide.
Proposition 8 (2018): Authorizes State Regulation of Kidney Dialysis Clinics. Limits Charges for Patient Care. (Legislative Analyst's analysis) ↗
Official ballot analysis: dialysis clinic revenue capped at 115% of patient-care costs.
Proposition 23 (2020): Establishes State Requirements for Kidney Dialysis Clinics. Requires On-Site Medical Professional. (Legislative Analyst's analysis) ↗
Official ballot analysis: a doctor on site during all treatment hours.
Proposition 29 (2022): Requires On-Site Licensed Medical Professional at Kidney Dialysis Clinics (Legislative Analyst's analysis) ↗
Official ballot analysis: physician, nurse practitioner or physician assistant on site.