Brian Galle
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bdgesq.bsky.social
Brian Galle
@bdgesq.bsky.social
6.7K followers 550 following 750 posts

Berkeley law prof guy, erstwhile Georgetown, DOJ, & points in between. Mostly boring tax stuff; occasional dollops of nonprofits, law & econ, etc. Could be arguing in my spare time.

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Economics 48%
Business 26%
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bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 1d
I do hate it but would probably like it better if I were still a 20 minute walk to good seats. Add Darryn Peterson to AD, Trae, Sarr, and some of the guys who aren't ready yet but getting there and you have at least a fun team.

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 2d
But also definitely read Ray's book it's great.

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 2d
Hey, I'm aware of another new book that directly relates tax policy to these data on how little of their lifetime earnings the ultrarich actually manage to spend. What's that one again? Oh, yeah, it's:
rooseveltinstitute.org/publications...
How to Tax the Ultrarich
Learn about the Fair Share Tax (FAST), a practical, constitutionally sound plan to tax the ultrarich, close loopholes, and prevent dynastic wealth accumulation.
rooseveltinstitute.org

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 2d
Retweeting for the kid in the t-shirt. The guy dressed as the Monopoly top-hat character...I mean, I chuckled, but a bit easy. Let's get creative out there, people.
sfist.bsky.social SFist @sfist.bsky.social · 2d
A group claiming that “Vilifying billionaires is popular. Losing them is expensive” is holding a March for Billionaires in SF on Saturday, seemingly hoping to tap some silent majority that actually loves the billionaire class. buff.ly/jcF7sRW
A ‘Pro-Billionaire’ March and Rally Is Coming to SF Saturday, and Apparently This Is Not a Joke
A group claiming that “Vilifying billionaires is popular. Losing them is expensive” is holding a March for Billionaires in SF on Saturday, seemingly hoping to tap some silent majority that actually…
buff.ly

Reposted by Brian D. Galle

sfist.bsky.social
SFist @sfist.bsky.social · 2d
A group claiming that “Vilifying billionaires is popular. Losing them is expensive” is holding a March for Billionaires in SF on Saturday, seemingly hoping to tap some silent majority that actually loves the billionaire class. buff.ly/jcF7sRW
A ‘Pro-Billionaire’ March and Rally Is Coming to SF Saturday, and Apparently This Is Not a Joke
A group claiming that “Vilifying billionaires is popular. Losing them is expensive” is holding a March for Billionaires in SF on Saturday, seemingly hoping to tap some silent majority that actually…
buff.ly

Reposted by Brian D. Galle

rooseveltinstitute.org
Roosevelt Institute @rooseveltinstitute.org · 3d
Our fellow @bdgesq.bsky.social helped design the California tax. Now, he’s advancing a nationwide ultra-wealth tax—to rein in extreme wealth and, by extension, curb the political power that currently comes with it in every state in the country.

Read the plan here:
How to Tax the Ultrarich
Learn about the Fair Share Tax (FAST), a practical, constitutionally sound plan to tax the ultrarich, close loopholes, and prevent dynastic wealth accumulation.
rooseveltinstitute.org

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 4d
"The butlers' march"

Reposted by Brian D. Galle

marchforbillionaires.org
March for Billionaires @marchforbillionaires.org · 4d
We're serious. No one is paying us for this. We know that our views are unpopular here, but we believe in engaging in good-faith discourse with those of differing opinions.

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 4d
Apparently, this is real. Or if it's actually by that Borat guy, he created a very, very deadpan web site.

Anyway, imagine the vanity & self-regard it would take to organize a protest *this* week and it's against a 1% annual tax on billionaires.

Reposted by Brian D. Galle, Aaron Sojourner, Stephen D. Murphy , and 1 more

jmijin.bsky.social
J. Mijin Cha @jmijin.bsky.social · 4d
HAHAHAHAHAHAHAHA
March for Billionaires — San Francisco, Feb 7
Stand up for the entrepreneurs, innovators, and risk-takers who build our economy. February 7, 2026.
marchforbillionaires.org

Reposted by Brian D. Galle

rooseveltinstitute.org
Roosevelt Institute @rooseveltinstitute.org · 5d
@oxfaminternational.bsky.social reports billionaire wealth has reached a new peak. Policy needs to catch up.

The FAST proposal from @bdgesq.bsky.social offers a practical way to tax the ultrarich in the US ⬇️
https://bit.ly/4btkkp0

Reposted by Brian D. Galle

patrioticmillionaires.org
Patriotic Millionaires @patrioticmillionaires.org · 6d
Six months ago, we told you all about how NYC millionaires wouldn’t run for the hills if Mamdani won and raised their taxes.

Now, we’re debunking the same myth with the new California billionaire tax ballot measure.

Learn more in our new Closer Look:
patrioticmillionaires.org/perspectives...
Here's the skinny on the California wealth tax ballot measure
patrioticmillionaires.org

Reposted by Brian D. Galle

ucberkeleylaw.bsky.social
UC Berkeley Law @ucberkeleylaw.bsky.social · 6d
“I’m interested in how things work. And right now, it [capitalism] doesn’t seem to be working well,” Professor Brian Galle (@bdgesq.bsky.social) spoke to @fortune.com about his new book, How to Tax the Ultrarich: https://bit.ly/3LTOA1V
California billionaires’ revolt over a 1% annual tax is ‘nonsense,’ architect says: A 1% annual tax won’t doom anyone’s business | Fortune
UC Berkeley professor Brian Galle told Fortune he’s an “enthusiastic capitalist” and his tax ideas have nothing to do with harming the U.S. economy.
fortune.com

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
In short, the FAST offers a path towards getting a more genuinely progressive tax system that is hard for ultrarich investors to dodge, while fitting into the narrow legal path the Court is willing to accept. Read more: bit.ly/4rk6wBM
12/12
How to Tax the Ultrarich
Learn about the Fair Share Tax (FAST), a practical, constitutionally sound plan to tax the ultrarich, close loopholes, and prevent dynastic wealth accumulation.
bit.ly

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
As a special transition rule, anyone who makes the election to pay early within the first 2 years of the new regime would just pay capital gains, not the extra FAST charge. That would strongly incentivize investors to pay tax on their existing $2-4 trillion in untaxed gains right away.
11/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
One other key element is that taxpayers would have the option to pay earlier than sale. This is very similar to existing rules for interests in foreign mutual funds, known as PFICs. We want people to make the election b/c we want that money within Congress’ 10-year budget window.
10/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
What this means economically is wealthy investors would no longer have a tax reason to hold onto their property. Government would get the same revenue as it would have under a wealth or MtM tax. We'd get the progressivity, too. Everything would look like wealth or MtM tax, except the timing.
9/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
The FAST taxes a successful investor who sells in an amount that leaves them with exactly the $$ they would have had if they had been paying annual tax all along, and re-investing the remaining proceeds. So the rate is higher the more the property has increased in value.
8/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
My proposal – which I call the Fair Share Tax, or FAST—aims to get us the revenues and incentives of an MtM tax (taxing gains/losses each year regardless of sale) while still fitting within the Court’s definition of “income” as happening only at sale. The way to do that is to adjust the rate.
7/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
But at the federal level, there is a constitutional problem. In 2024, SCOTUS suggested that broad-based wealth & MtM taxes would likely be inconsistent with the 16th Am. definition of “income.” That claim is silly & ahistorical. So is a lot of what this Court says, but it’s the law right now.
6/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
Common solutions include either a wealth tax or a “mark-to-market” income tax. MtM is just an income tax where each year changes in the value of unsold property are included in income. Without one of these, it would be very hard to impose a meaningful tax burden on the wealthiest households.
5/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
The key problem is that our income tax system (mostly) only taxes investment gains at sale. That allows those who are rich enough to have the luxury of waiting to hold highly appreciated property for a long time, and often until death, greatly reducing their tax burden.
4/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
Why? Few reasonable people today will look at our federal tax system and say it’s fair or it’s working. Billionaires pay a 20% lower all-in rate than the median household. That wealth—and the social control it offers--can then pass down tax-free for generations. Tax policy can help.
3/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
The core proposal is to impose an extra income tax on gains from sale of property in excess of a lifetime $15m exemption. The rate rises the more the sold property has appreciated. The estate tax is replaced with an additional tax at sale on inherited property, plus a small annual down payment.
2/12

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 7d
Readers, today is the exciting launch day for my book!

How to Tax the Ultrarich
bit.ly/4rk6wBM

In partnership with the great economic policy team @rooseveltinstitute.org

A few threads will follow. 1st, the key takeaway: even w/ *this* Supreme Court, we can tax wealth at the federal level.

1/12
How to Tax the Ultrarich
Learn about the Fair Share Tax (FAST), a practical, constitutionally sound plan to tax the ultrarich, close loopholes, and prevent dynastic wealth accumulation.
bit.ly

Reposted by Brian D. Galle

rooseveltinstitute.org
Roosevelt Institute @rooseveltinstitute.org · 7d
NEW📰: A constitutionally sound tax plan to make the ultrarich pay their fair share that:

✅ Targets extreme wealth
✅ Closes trust & inheritance loopholes
✅ Ties payments to cash events, making it enforceable

Read our latest from @bdgesq.bsky.social:
https://bit.ly/4rk6wBM

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 8d
No worries, it was a great post.

The reason we emphasize the difference is that the tax-avoiding techniques that shift resources out of state (without real relocations) generally depend on the realization rule. Thus they aren't very effective in response to wealth or mark-to-market reforms.

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 8d
Ugh, typo up top. Meant to say Dean "refers to" the right-wing think tank paper; don't want any readers to think I was suggesting he authored or endorsed it.

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 8d
We discuss the think tank paper some in our paper on state wealth taxes, www.californialawreview.org/print/state-...

It's consistent with global evidence that most ultrarich responses to local taxes are just on paper.

But we've written the CA Billionaire Tax to be much more difficult to dodge.
Money Moves: Taxing the Wealthy at the State Level — California Law Review
It’s widely understood today that inequality is a major social problem that in turn contributes to other crises. By most accounts, tax systems are supposed to be our engines of equality. Yet in today’...
www.californialawreview.org

bdgesq.bsky.social
Brian Galle @bdgesq.bsky.social · 8d
As always, a thoughtful post from @deanbaker13.bsky.social. He a right-wing think tank's paper suggesting CA's tax hike on millionaires resulted in out-migration, but that isn't what the paper finds. 95% of the response, the paper says (deep, deep down in the text) was paper changes, not real moves.