Newsom's Billionaire Tax Plan

Sacramento News Today | 2 Min News | The Daily News Now! · Jun 26, 2026 · 1m

Governor Gavin Newsom is igniting a national debate by pushing for a billionaire tax, arguing that the ultra-wealthy should pay the same rate as their workers—but he’s voting against California’s own ballot measure, calling it a state-level misstep. He insists taxing billionaires is a federal responsibility, since they can simply relocate to dodge state levies. His broader vision includes closing loopholes like “tax-free lifestyle loans,” reforming inheritance laws to prevent a new aristocracy, and launching a national public equity fund to invest in AI while cushioning workers displaced by…