Gavin Newsom opposes a California wealth tax. He's proposing a national billionaire tax instead

[GJGCA]

Source: CNN

California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an “economic reset for America” agenda, which aides explicitly say is part of his considering to launch a presidential campaign.

Newsom explains why that he will personally vote no on the California proposal, which would levy a one-time 5% tax on residents with a net worth over $1 billion.

"We’re competing with 50 states,” Newsom told the World Economic Forum earlier this year. “Capital flows and move(s). That’s real. It’s not imagined. It’s very, very real.”

Read more: https://www.cnn.com/2026/06/26/politics/gavin-newsom-billionaire-tax-california

[Fiendish Thingy]

1. That's because he knows such a bill would never pass

Between the filibuster and the wholesale purchase of congressional votes by techbros, Newsom knows a national tax on billionaires would be DOA.

A referendum, like the one in California, on the other hand, cannot be stalled, obstructed or bribed into defeat,

[GJGCA]

2. Forgive my skeptical take...

... (not on your main point)

...but about "A referendum ... cannot be stalled, obstructed or bribed into defeat", because I fear that's exactly what will happen (attempted anyway), a flood of advertising $$$ if nothing else.

[Fiendish Thingy]

4. The oligarchs will give it their best shot

But in the end the voters will have their say.

[hookaleft]

6. That bill is gonna pass in California

I love Newsome but he is wrong on this bill. I cannot understand his opposition. And don't tell me he is corrupt, I don't believe that bullshit and I WILL vote for him to be president. I just wish he would explain himself.

[Fiendish Thingy]

7. It's not a bill

It’s a referendum, and if it passes, it will be because the voters supported it, and it couldn’t be defeated through politics-as-usual.

[thebigidea]

8. pretty obvious he doesn't want his presidential run defined by driving business out of CA

and you know that's how it would be depicted by our beloved liberal media. They wouldn't give two shits about it balancing budgets or whatnot.

[Prairie Gates]

11. Exactly right

California could absolutely pass this bill.

No national billionaires tax will ever pass without drastic structural (revolutionary) change. You can propose it all day long because it will never go anywhere.

[not fooled]

14. My first thought exactly

Unfortunate.

[groundloop]

3. A National Billionaire Tax is the right answer..... HOWEVER getting it passed is another story.

Eloon and all the other oligarchs will spend very heavily to convince us that it's an evil, unAmerican concept.

[Buddyzbuddy]

5. I'm guessing he wants billionaire's money in his pocket

but not in Californian's pockets. What a shame to throw away his political career for so little from so few after all the good that he has stood for. He will run in '28 but I will not vote for him in the primary. That means about 30 votes at least, in my extended family that will not vote for him in the primary.

He had no problem raising our gasoline taxes to pay for Cal Trans or turning tax payer funded highways into private toll roads, or raising car registration fees but when it comes to taxing billionaires to raise money to fund a State Medical cost shortfall he's very concerned with saving them money.

[thebigidea]

9. signing free college into law was better than anything Bernie ever managed

[Prairie Gates]

12. This is also true

Newsom is a complex character.

[Buddyzbuddy]

13. What does Bernie have to do with this?

He's not part of the conversation and not part of California, but he is critical of billionaires, which tells me where you might be coming from.

Yes, free community College was a good thing, which is one of the reasons I supported Newsom, for Governor. When you are an executive, what you say and do carries more weight than when you're part of a collaboration like Bernie. Bernie has not changed his tune ever, to capitulate to anybody's favor. What you see is what you get. Can you say the same about Newsom?

[dwilso40641]

10. Any wealth tax would have to be national.

It would be impossible to do it state by state.