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Newsom's Bold Wealth Tax Vision
Governor Gavin Newsom is launching a bold push for a national billionaire tax, arguing extreme wealth concentration undermines democracy—and that the federal government, not states, must lead. He’s proposing a minimum tax on net worth over $100 million and new inheritance rules, while opposing California’s own billionaire tax, fearing it will drive wealth out of state. Aligning with progressive Democrats, Newsom also wants U.S. ownership stakes in AI companies and corporate tax rates restored to pre-Trump levels, funding worker retraining, childcare, free college, and healthcare. His message?…
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