Newsom's Billionaire Tax Plan

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

California Governor Gavin Newsom is launching a bold, nationwide push to tax billionaires, arguing that extreme wealth concentration threatens democracy and demands federal action—not just state-level fixes. While opposing a popular California ballot measure that would slap a one-time 5% tax on billionaire assets, Newsom insists wealth is mobile and needs a national solution: a minimum tax on those with over $100 million in net worth, plus reforms to inheritance taxes to stop dynastic wealth, and corporate tax hikes to pre-Trump levels. He’s also calling for the U.S. government to own stakes…