Newsom calls for national billionaire tax
Newsom says a modern Buffett Rule would ensure the ultra-rich pay at least the same tax rate as their workers.
- On Friday, California Governor Gavin Newsom proposed a national "billionaires' tax" and public AI equity fund, framing the plan as a sweeping "economic reset" to prevent concentrated inherited wealth.
- The proposal arrived one day after California's one-time 5% billionaire tax qualified for the November ballot, a measure Newsom opposes because he argues it risks capital flight and fails to fund schools, housing, and childcare.
- Newsom's plan includes a "modern Buffett Rule" ensuring top earners pay at least their workers' effective rate, while ending "tax-free lifestyle loans" and closing offshore tax loopholes used by the ultra-wealthy.
- Representative Ro Khanna and labor leaders criticized the governor for "ducking the fight" in California while positioning himself for a potential 2028 presidential run through federal policy rather than state-level action.
- Analysts describe the move as "savvy political positioning," allowing Newsom to champion populist federal tax reform while distancing himself from the contentious state-level ballot measure ahead of 2028.
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48 Articles
INSIDER: Cynical class warrior Newsom looks to bolster his cred with the commies
Views and opinions expressed are solely those of the author. The very epitome of a political parasite, Gavin Newsom wasted little time trying to leech onto the reinvigorated socialist movement that’s sending a jolt of energy into his party’s base. In a typically slimy move from the odious California governor, Newsom is seeking to bolster his cred with the commies with a Bernie Sanders-style call for a national wealth tax on billionaires, letting…
Newsom’s Calculated Embrace of Mamdani’s Socialism – The American Spectator | USA News and Politics
As Gavin Newsom’s governorship enters its final chapter, his eyes are no longer fixed on Sacramento. They are fixed on Washington. More specifically, on the White House. Like Sauron’s obsession with the One Ring, Newsom’s political focus has narrowed to one overriding object of desire: the presidency. That is the only way to understand Newsom’s latest economic manifesto, released Friday under the banner of a national billionaires’ tax. Newsom do…
Gavin Newsom sparks firestorm over call for national billionaires tax · American Wire News
California Governor Gavin Newsom sparked a firestorm over his call for a national wealth tax on billionaires, a flashing warning sign that open class warfare is back at the top of the Democratic Party’s agenda. In a Friday video posted to social media, the outgoing governor made his pitch for an “economic reset for America” and a “new social contract” at a time when billionaires are fleeing his state to escape a looming 5 percent levy on their w…
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