Newsom urges a national ‘billionaires’ tax’ while fighting one in California
Summary
California Governor Gavin Newsom called for a national tax on billionaires with at least $100 million in wealth while opposing a separate state-level tax on billionaires in California. He also proposed that the U.S. government should own part of artificial intelligence companies and use the funds raised to support social programs like worker retraining and free college.Key Facts
- Newsom supports a national “billionaires’ tax” instead of state-by-state taxes on the wealthy.
- He opposes a California ballot measure that would tax billionaires 5% on their assets once as of January 1, 2026.
- Newsom worries billionaires can move to states with lower taxes, making a national tax necessary.
- He proposes banning wealthy people from borrowing against their stocks to avoid taxes on luxurious spending.
- Newsom suggests raising inheritance taxes to stop wealth from passing unchanged across generations.
- He wants to increase corporate tax rates back to levels before President Trump’s 2017 tax cuts.
- Newsom recommends a national fund that lets every American own a share of profits from artificial intelligence companies.
- Funds from these taxes would help pay for programs like job training, child care, free college, and health care.
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