Newsom calls for national billionaire tax
Newsom also calls for a national public equity fund and tighter inheritance rules as he argues wealth concentration is undermining democracy.
- On Friday, June 26, California Governor Gavin Newsom proposed a national minimum tax on anyone with net worth exceeding $100 million and called for rewriting inheritance rules to prevent wealth concentration.
- Newsom opposes the separate California ballot measure, arguing it directs roughly 90 percent of revenue to healthcare and risks driving wealthy residents to lower-tax states like Texas or Florida.
- The proposal features a 'modern Buffett Rule' ensuring top earners pay rates equal to their employees and creates a national public equity fund giving Americans stakes in AI-driven economic gains.
- Political observers call the pivot 'savvy political positioning' for a potential 2028 presidential run, though critics contend it masks Newsom's historical reliance on billionaire donors for campaign funding.
- Warning of a 'permanent American aristocracy,' Newsom argues that $124 trillion in projected intergenerational wealth transfer over the next two decades requires federal intervention to democratize the economy.
32 Articles
32 Articles
Gavin Newsom proposes national ‘billionaires’ tax’ after opposing state’s wealth tax initiative - Regional Media News
(CALIFORNIA) - As he gears up for a possible presidential bid, California Gov. Gavin Newsom on Friday proposed a national "billionaires' tax," - a day after the state wealth tax measure he opposes qualified for the November ballot. Newsom's counter proposal calls for a federal minimum tax rate on Americans worth more than $100 million, rather than a state level one-time 5% wealth tax that the governor argues could be dodged by billionaires who c…
Rep. Ro Khanna lays into Gavin Newsom’s tax proposal, setting up 2028 battle lines
SACRAMENTO, Calif. — Rep. Ro Khanna slammed Gov. Gavin Newsom’s national tax proposal on Friday, accusing the fellow Democrat of being a “cheerleader for the billionaire class” by refusing to back a proposed wealth tax on California’s billionaires. The two…
Newsom Backs US Tax on Billionaires, but Not His State's
California Gov. Gavin Newsom is pitching what he calls an "economic reset for America," and it starts with a new federal tax aimed at billionaires. In a Substack post and video on Friday, the Democrat endorsed a nationwide "true minimum tax on billionaires." The idea is that the ultrawealthy would...
The governor of California intends to subtract some of the profits made by billionaires by imposing a national tax on them.
Newsom pushes national wealth tax after opposing California billionaire tax
After spending months fighting a wealth tax in his state, a likely 2028 presidential contender says it’s time for an “economic reset” by way of a national tax on billionaires. California Gov. Gavin Newsom says he wants to implement a national tax on the ultra-rich. That comes after he’s been vocally opposed to a wealth tax proposal in his own state. Newsom proposal “It's time for an economic reset, a true minimum tax, a true minimum tax on bill…
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