Proposition 40, headed for the November ballot, is known for one number: a 5% tax on Californians worth more than a billion dollars. But the initiative runs 31 pages, and most of it never makes the headlines. Howard Miller and tax attorney Robert Wood open this series by breaking down what counts as taxable wealth under the act -- real estate is excluded, but stock, debt-netted equity and most other assets are not -- and examine one of the measure's most unusual provisions: a founder with voting control of a company valued at $1 billion could owe tax on the full value, even while owning only a fraction of its equity.

This is the first of five episodes running this week available via The Daily Journal Network or wherever you get your podcasts.