Gavin Newsom opposes a California wealth tax. He's proposing a national billionaire tax instead [View all]

Source: CNN

California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an “economic reset for America” agenda, which aides explicitly say is part of his considering to launch a presidential campaign.

Newsom explains why that he will personally vote no on the California proposal, which would levy a one-time 5% tax on residents with a net worth over $1 billion.

"We’re competing with 50 states,” Newsom told the World Economic Forum earlier this year. “Capital flows and move(s). That’s real. It’s not imagined. It’s very, very real.”

Read more: https://www.cnn.com/2026/06/26/politics/gavin-newsom-billionaire-tax-california