Proposed minimum wage: $7.25 → $25/hr
Senator Chris Murphy introduced legislation to raise the federal minimum wage from $7.25 to $25 per hour, equating to a $50,000 annual salary.
Snapshot · PBD Podcast
Newsom’s Billionaire Tax, Iran War Escalates & Israel Acknowledges Genocide | PBD Podcast #825
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Jun 29, 2026
Where this was said
Kalshi Odds on Billionaire Tax Passing
At 29:21 · chapter starts 27:40
Patrick briefly pivots to Kalshi's real-money prediction market, where the odds of California's billionaire wealth tax passing have crept back up toward 40% with over half a million dollars traded. Tom's read is stark: affordability anxiety baking through a California summer will drive a populist wave that carries the tax across the finish line. Patrick's logic is simpler — the tax directly targets only 216 to 246 billionaires in the state, so the ordinary voter calculating their own interest has no personal stake in opposing it. The segment underscores how politically easy it is to tax a small number of very visible, very wealthy people, regardless of the downstream economic consequences.
California billionaire tax passing odds: ~40%
Prediction market Kalshi showed roughly 40% odds of California's billionaire wealth tax passing, with over $524,000 in volume traded.
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