Newsom Opposes California Billionaire Tax
You can’t make the billionaires mad if you want to run for the White House!
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.
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Comments
Newsom found a tax he didn’t like. Say it ain’t so.
The Dems half-heartedly try to get $$. Newsom gets to look “moderate” by going against it. The truth will be if he vetoes it for POTUS 2028 positioning. Expect more resume-building before he leaves his devastation behind
He loves the billionaires tax, It’s all about the timing though.
It ain’t so. Newsome needs those billionaires and their bucks to not only fund California but donate to his campaign for President.
Farmers have more corn than they can eat, called seed corn. Confiscate it and distribute it to hungry people.
I detect a hint of sarcasm..
..I hope!
Heh, you got that right!
What could possible go wrong, Comrade?
If CA enacts a billionaire tax, Florida will have a lot more billionaires moving there.
I’d bet that billionaires have more and better lawyers than the state of California. Good luck on trying to collect on an tax enacted ex post facto. I’m pretty certain there is a clause in the Constitution about enacting ex post facto laws.
Rabid Leftist Democrats in California are going to turn on Gov. Noisome soon if he keeps playing footsie with the billionaires who are paying for his Presidential bd. It will be a pleasure to watch him twist in the wind(figuratively) as these two Party factions fight over control of his campaign organization. It would be even more fun to watch him literally twist in the wind after fed-up taxpayers hang him.
This tax is a bad precedent. First billionaires net worth. Oh not enough. Then millionaires net worth. What still not enough. Ok, everyone’s net worth. Not enough! What’s next?
This tax is also stupid. The CA stupid party probably thinks billionaires keep billions in cash on hand and can just write a check. No. Much of their wealth is in stock and locked up stock at that. They can’t liquidate it and if they did it would cause havoc on the stock market.
No possible way they would collect it. The very idea a state can tax ‘net worth’, a VERY LARGE AMOUNT OF WHICH is not in California, is so ludicrously stupid only a liberal could believe it.
And you better believe the billionaires have entire teams of lawyers ready to make the state look like the clowns they are if they try to pursue this.
How dare you try to tell them what they can and cannot steal
Sure, sure.
He ‘opposes’ it.
He won’t actually do anything to try to stop it, but he sure ‘opposes’ it!
These same lefty billionaires are ruining the fabric of our country to enrich themselves. A couple making even $2,000,000 a year is so heavily taxed and hit with inflation that they cannot be described as rich anymore. Screw these bastards. Tax them till it hurts just like the rest of us.
“But is anything ever one-time? No.”
Ain’t that the truth.