Gavin Newsom backs measure to kill the billionaire tax and ban future wealth taxes
The measure would block new wealth taxes and protect retirement accounts, while Newsom says state asset taxes would drive wealthy residents away.
- On Friday, Gov. Gavin Newsom endorsed Proposition 42, a ballot measure that would cancel the proposed billionaire tax and prohibit future state taxes on personal property, including pensions and 401K accounts.
- Billionaire and Google co-founder Sergey Brin funded and placed the measure on the ballot to defeat the billionaire tax, which would have imposed a 5% tax on assets of billionaires living in California on Jan. 1, 2026.
- Newsom cited the need to protect "retirement and life savings" from new taxes, though Debru Carthan, vice president of Service Employees International Union-United Healthcare Workers West, accused him of prioritizing billionaires over families needing Medi-Cal.
- Democratic California Rep. Ro Khanna, a potential 2028 presidential contender, argued donor relations are the "only reason" for Newsom's opposition and said, "You can't be anti-Trump and then do the bidding of Trump donors."
- Newsom has consistently opposed state-level asset taxes over concerns the wealthy will leave California, though critics note his decision aligns him with wealthy tech donors he has maintained relationships with since his time as San Francisco mayor.
19 Articles
19 Articles
Newsom battles with California Dems over billionaire tax proposal
Gov. Gavin Newsom (D-CA) is sparring with other Democrats over California’s proposed billionaire tax, publicly endorsing a ballot measure that would cancel out the proposed tax on the state’s wealthiest residents. California voters hitting the polls this midterm season will vote “yes or no” on Proposition 40, a ballot measure that asks whether or not […]
Common Dreams
nexusnewsfeed.comNewsom Endorses Ballot Measure That Would Cancel Out Billionaire Tax—and Ban Future Wealth Taxes
"He’d rather millions of children and families lose their healthcare than ask a couple hundred billionaires to finally pay their fair share."
Newsom Backs Measure to Invalidate Billionaire Tax
“California Gov. Gavin Newsom has long opposed a high-profile ballot measure that would tax billionaires’ wealth. Now he is endorsing a different measure aimed at prohibiting wealth taxes,” the Wall Street Journal reports.
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