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Gavin Newsom backs measure to kill the billionaire tax and ban future wealth taxes

The measure would bar new taxes on personal wealth and retirement accounts, while opponents say it protects billionaires over Medi-Cal funding.

Summary by Palo Alto Online
This story was originally published by CalMatters. Sign up for their newsletters. Not only has Gov. Gavin Newsom vocally opposed the proposed California billionaire tax, but he also wants to prevent the state from ever passing a wealth tax in the future.  On Friday he endorsed Proposition 42, a ballot measure that would cancel out […]

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Gavin Newsom backs measure to kill the billionaire tax and ban future wealth taxes

Gavin Newsom opposes Prop. 40, the California billionaire tax. He backs Prop. 42 to nullify the billionaire tax and ban future wealth taxes

·Sacramento, United States
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Cal Matters broke the news in Sacramento, United States on Friday, October 9, 2026.
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