Newsom Vows to Stop Proposed Billionaire Tax in California
The New York Times • • business
Key Points:
- California Governor Gavin Newsom has vowed to oppose a proposed wealth tax, arguing that its introduction has already caused some billionaires to leave the state, taking their tax contributions with them.
- Newsom, a Democrat, stated he is actively working behind the scenes to defeat the measure and will fight it if it appears on the November ballot.
- The proposed tax targets Californians with a net worth over $1 billion, imposing a one-time 5% tax on their assets, applied retroactively to residents as of January 1, with payments spread over five years starting in 2027.
- Newsom opposes the wealth tax due to concerns it could hinder innovation in California’s tech-driven economy, despite pressure from some political
