Gavin Newsom calls for national billionaires tax: 'It's time for an economic reset'
California Gov. Gavin Newsom called for a nationwide tax on billionaires as part of a broader “economic reset for America.”
Newsom, who is considered to be a 2028 presidential contender, also reiterated his opposition to a state-level wealth tax that Californians will vote on in November.
He also called for creating a “national public equity fund” to help “ensure every American owns a stake in the future being built by AI.”
https://www.cnbc.com/2026/06/26/gavin-newsom-national-billionaires-tax-california.htmlOpen linkView original on lemmy.world
I believe, and this is as diplomatic as I care to be, that he is perhaps concerned with billionaires fleeing the state and that a national approach could prevent that.
On the other hand it is more likely that his resistance to the CA tax and cheerleading of a national approach is purely performative as it will simply not happen at that scale, so that his pseudo-progressive veneer isn’t stripped away.
I think that's more likely
That's really pretty standard Democrat fake leftist strategy - only openly advocate for a leftist proposal when there's no chance that it'll pass.
Isn't it a fake leftist strategy is to argue against voting for anyone that wants to tax billionaires?
It's a leftist strategy to call out two faced billionaire friendly Democrats like Gavin fucking Newsom
If they are not paying taxes anyway, why would that even matter?
It’s not that they are providing $0 in tax income, it’s that it’s nearly 0%. It’s still a chunk of change.
I’ve heard that we wouldn’t feel the impact for 25 years.
Even so, kick them out. They can live in beautiful Houston Texas, or sunny Arkansas. Or maybe they will decide paying up is worth the cost of being a resident of California
Except evidence doesn't support mass flight of the rich with higher taxes anyway.
once he become president he is going to champion a world billionaire tax and say no to a national one.
The idiots, aka 99%of voters, will only remember him promoting the national billionaire tax.
We don't even need a billionaire's tax for an "economic reset". I mean, we do because it's not healthy for our economy or our political system. But what will happen with a billionaire's tax? The money will just go to the government, which will spend it in arcane ways that the average person has little visibility or voice on.
What we need is an increase to the minimum wage to whatever it would've been if it hadn't been consistently frozen and re-frozen and with mandatory CoLA, universal healthcare, repeal of Citizens United, repeal of whatever decision it was that said a company's ultimate responsibility is to shareholders, a breakup of a whole bunch of overweighted conglomerates, a breakup of media empires, a ban on "entertainment" masquerading as "news", a reform of the Supreme Court, vetc. There's a whole bunch of other stuff as well. But there's a whole bunch of stuff that could get accomplished without a billionaire's tax.
While he fights against any "economic justice" in California, I trust his actions more than talk.
wasn't this asshole against the billionaire tax in California?
Yes, but then he realized that showing his whole ass before his presidential campaign/election was a bad strategy. He's in damage control mode. If elected, I'm sure he'll flip back to not wanting it again.
"Now is not the time. We have more important matters to focus on"
Gets nothing done regarding any of those matters.
He flips flops all the time I only trust his actions which are very much not good.
He's an opportunist first and everything else second. Flip flopping is kind of what he does.
It's all a smokescreen. He's not proposing a national wealth tax, just another minimum income tax. Which they won't care about because they don't earn significant income.
So he’s against the state level one that actually has a chance of passing, but for a national one that has zero chance, neat.
I don’t want any stake in the future being built by AI because I don’t want the future being built by AI
He is a 2 faced centrist, family friends with Pelosi. He wont do it.
I think Gaven Newsom should have all of his possessions thrown away.
I think Gavin Newsome should stub both his little toes, one after the other. Daily.
Fine words, but does he have the credibility to back it up?
Nope while his actions prove he won't actually go for it.
He does not