California Wealth Tax Battle Continues
He is pushing federal taxes on the wealthy and AI companies while opposing a California billionaire tax that could complicate his 2028 presidential message.
- Governor Gavin Newsom opposes the California Billionaire Tax Act while backing a national wealth tax on individuals worth more than $100 million, positioning himself ahead of his expected 2028 presidential campaign.
- Proposition 40 would impose a 5% tax on assets held by California's 200-plus billionaires, aiming to raise an estimated $100 billion over five years for health care and food assistance programs targeted by the Trump administration.
- Google co-founder Sergey Brin poured $82 million into Building a Better California to defeat the measure, while Newsom attempted to defuse tensions by offering concessions to SEIU-United Healthcare Workers West, the union backing the tax.
- Economist Gabriel Zucman, author of The Hidden Wealth of Nations, argues a permanent 2% wealth tax could generate $25 billion annually, noting California billionaire wealth surged 144% to more than $2 trillion in three years.
- By focusing on wealth inequality and artificial intelligence-driven job losses, Newsom is defining his national platform for an expected 2028 presidential run while maintaining relationships with wealthy tech donors opposing Proposition 40.
14 Articles
14 Articles
California's Wealth Tax Vote: A Chance To Register Public Opinion Of Billionaires
A coalition of progressive groups, led by the huge union SEIU-UHW, managed to get a one-time five percent wealth tax on the ballot this fall. The tax would apply to the assets over $1 billion held by the state’s 200 or so billionaires. This is a great opportunity for the people of California to tell billionaires what they think of them.Over the last half-century, billionaires have become increasingly aggressive in stealing from the rest of us, a…
California’s Billionaire Tax Should Be Just the Starting Point
Economist Gabriel Zucman argues that a permanent 2% tax on the ultra rich could generate billions while addressing the state’s growing concentration of wealth. The post California’s Billionaire Tax Should Be Just the Starting Point appeared first on .
Palo Alto Online
Newsom’s populist act: Oppose state billionaire tax, embrace federal one
This story was originally published by CalMatters. Sign up for their newsletters. Gov. Gavin Newsom is in his populism era. He started the year vowing to stop corporate investors from buying up large tracts of single-family homes, a desire shared by both socialists and President Donald Trump. Last month, after he was unable to keep […]
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