Gavin Newsom opposes a California wealth tax. He’s proposing a national billionaire tax instead

Key Points:

• California Governor Gavin Newsom proposed a national tax on billionaires as part of an “economic reset for America,” signaling a potential 2028 presidential campaign bid focused on economic populism and wealth redistribution.
• Newsom’s plan includes a minimum tax on individuals worth over $100 million to ensure they pay at least the same tax rate as average workers, alongside a “national public equity fund” to share AI-generated wealth with all Americans and fund social programs.
• He also advocates for reforming inheritance rules to prevent the consolidation of wealth across generations, warning of a permanent aristocracy if no action is taken amid the largest intergenerational wealth transfer in history.
• Despite supporting a national billionaire tax, Newsom said he will vote against a proposed California state tax on billionaires, citing concerns it could drive businesses out of the state and that its revenue would not be broadly allocated.
• Newsom has recently highlighted a Justice Department investigation into his wife, Jennifer Siebel Newsom, framing it as politically motivated due to his potential presidential run, though details about the probe remain unclear.