Interesting.
California Gov. Gavin Newsom opposes the billionaire tax meant to “help” the state’s financial crisis:
Dan Newman, a political adviser opposing the campaign to tax billionaires, said Newsom is against a plan to slap a one-time, 5% tax on roughly 200 Californians worth more than $1 billion to “replace lost federal dollars and protect essential services,” as described by the campaign’s website.If enacted, tech titans like Meta CEO Mark Zuckerberg and Nvidia’s Jensen Huang could see colossal tax bills running in the billions. Five percent of Huang’s estimated net worth is equivalent to roughly $8 billion, and Zuck’s tax bill could total more than $12 billion.The revenues are intended to fund health care services and the state’s struggling school system, according to supporters.
NET WORTH. This goes deeper than income and real estate. Sheesh.
The unions, especially the SEIU-UHW, have been pushing for the one-time tax.
But is anything ever one-time? No.
However, Newsom has opposed previous attempts to instill wealth taxes.
Also…we all know Newsom wants to run for president in 2028. You cannot tick off the billionaires! You need their money:
Newsom is widely expected to enter the 2028 race for president, telling CBS News in October that he’ll make a decision after the 2026 midterm elections. And the two-term governor is likely to pass the hat among power players in Hollywood and SIlicon Valley if and when he launches his bid for the White House.Newsom has received campaign cash from billionaires such as Netflix co-founder Reed Hastings, philanthropist Laurene Powell Jobs, and former Google CEO Eric Schmidt, among others. And the former San Francisco mayor famously got his start in politics with the support of Gordon Getty, heir to the Getty oil fortune and a family friend.
The measure might not even make it on the November 2026 ballot, though, since it needs over 870,000 signatures.
Then again, Zohran Mamdani might have rejuvenated those California progressives with his win in New York City.
California has had a budget deficit for three straight years.
Newsom introduced a plan in March to close a $12 billion deficit.
I have a better idea. How about you stop spending? Forget cutting spending…just stop spending.
It also doesn’t help that California loses a taxpayer every minute.
But no. Newsom screamed TRUMP DID THIS. IT’S A “TRUMP SLUMP.”
Yeah, Newsom actually said California’s “humming” economy “significantly changed” due to Trump’s administration.
Um, third year with a budget deficit, Newsom. Trump has nothing to do with it.
CLICK HERE FOR FULL VERSION OF THIS STORY