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Newsom Pushes National Billionaires Tax
Governor Gavin Newsom is pushing for a national billionaires’ tax, targeting those with over $100 million and proposing a federal minimum rate, arguing that wealth easily dodges state taxes and that a national solution is essential to stop the rise of an intergenerational aristocracy. He also wants to restore pre-2017 corporate tax rates and close offshore loopholes. Meanwhile, California voters will decide on a separate, one-time 5% wealth tax on billionaires this November — a measure Newsom opposes — while his broader plan includes a public AI equity fund to support workers with universal…
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