NEW 🚨 @JTLonsdale debates CA wealth tax on @SquawkCNBC: Joe Lonsdale: We have this $18B gap in the California budget. It's mostly from giving health care to illegals. This whole thing [wealth tax] is being put forward by a health care union. Here's a great irony: AI is about to make health care much cheaper, much better for everyone. We're going to make it affordable for everyone. And that's what we should be focused on. Becky Quick: But is that real? I mean, I hope that's the case. I hope we're going to get massive medical advances because of AI. But we have thrown everything at trying to fix this horrible increase in health care prices over the years. You still have hospitals that, for the most part, are operating margins of 1 to 2%. Joe: I'd argue we haven't thrown everything at it. I think we've allowed hospitals to consolidate. We've not used the FTC on any health system. We've set up horrible incentives... Becky:  But it's not like hospitals have fat margins. Joe: No, it's because they have tons of administrators... the incentives are all wrong. They block competition. They stop you from competing with them. ...It's going to be a massive scope of practice battle... And so we have to be fighting the special interests, instead we're trying to pass a wealth tax. This is the opposite of what we should be doing.