Gavin Newsom urges a national 'billionaires' tax' while fighting one in California
Summary
California Governor Gavin Newsom opposes a state-level tax on billionaires proposed for California and instead calls for a national tax on the ultra-wealthy. He argues that wealthy people can avoid state taxes by moving assets, so a federal approach would be more effective.Key Facts
- A ballot measure in California would impose a one-time 5% tax on residents worth over $1 billion.
- The measure aims to fund healthcare, education, and food assistance programs.
- Newsom opposes this state-level tax, saying it would harm California’s economy and be easily avoided.
- He proposes a national minimum tax on anyone with a net worth above $100 million.
- Newsom suggests banning tax-free borrowing against stock portfolios used for luxury spending.
- He wants the federal government to own a stake in artificial intelligence companies.
- Newsom calls for changes to inheritance taxes to prevent wealth from being passed down permanently.
- He also supports raising corporate taxes to pre-2017 levels before President Trump’s tax cuts.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.