{"id":376370,"date":"2026-06-26T21:47:08","date_gmt":"2026-06-26T21:47:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/376370\/"},"modified":"2026-06-26T21:47:08","modified_gmt":"2026-06-26T21:47:08","slug":"newsom-slams-billionaire-tax-proposal-after-it-qualifies-for-california-ballot","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/376370\/","title":{"rendered":"Newsom Slams Billionaire Tax Proposal After It Qualifies For California Ballot"},"content":{"rendered":"

Like this article? Keep independent journalism alive. Support HuffPost<\/a>.<\/p>\n

California Gov. Gavin Newsom (D) said he\u2019ll vote \u201cno\u201d on a progressive-backed November proposal to levy a one-time\u00a0tax on billionaires in the state\u00a0<\/a>to counter federal cuts to healthcare for low-income people.<\/p>\n

\u201cI understand the anxiety driving the wealth tax proposal in California,\u201d Newsom posted on his Substack <\/a>Friday, a day after the proposal officially qualified for the ballot.<\/p>\n

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\u201cBut I\u2019m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending,\u201d he continued. \u201cIt ignores our public schools, as the California Teachers Association<\/a> has rightly pointed out, by failing to provide sustainable funding that our communities, parents and children deserve.\u201d<\/p>\n

The proposal would tax the net worth of billionaires in California by 5%, allowing them to pay off the tax over five years.<\/p>\n

Newsom argued that if the tax takes effect, billionaires will flee the state and harm California\u2019s bottom line in the long term.<\/p>\n

\u201cYou may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do,\u201d Newsom wrote. \u201cWealth is movable, and it shops for the state with the lowest taxes.\u201d<\/p>\n

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Research shows that\u00a0past\u00a0<\/a>state tax increases\u00a0<\/a>have not led wealthy residents to leave.<\/p>\n

Newsom instead argued for a national billionaires\u2019 tax.<\/p>\n

\u201cSo here is what I support: A national billionaires\u2019 tax,\u201d Newsom wrote. \u201cA true minimum tax on billionaires \u2014 a modern Buffett Rule \u2014 that ensures the people at the very top pay at least the tax rate their own workers pay.\u201d<\/p>\n

Rep. Ro Khanna (D-Calif.), a supporter of the state\u2019s bill, dismissed Newsom\u2019s arguments, saying voters can \u201csniff out propaganda.\u201d<\/p>\n

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\u201cThe fight is now,\u201d Khanna said on a call with reporters Friday. \u201cIt\u2019s not going to pass muster to say, \u2018Well, when we were fighting to have a billionaire tax to save the healthcare for 3 million Californians, I sided with the billionaires, but in the future I want to tax these billionaires.\u2019 That just isn\u2019t going to pass muster.\u201d<\/p>\n

Both Khanna and Newsom are rumored presidential hopefuls. This issue, Khanna said, proves what a \u201cgulf of distance\u201d there is between the two of them.<\/p>\n

\u201cIt\u2019s the difference between standing up for 3 million Californians who are losing healthcare or standing for the billionaire class,\u201d he continued.<\/p>\n

Petitioners for the state\u2019s proposal collected around 875,000 signatures needed to place it on the November ballot.<\/p>\n

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Progressive politicians including Sen. Bernie Sanders (I-Vt.) have come out in support of the measure.<\/p>\n

\u201cThe billionaire class no longer sees itself as part of American society,\u201d Sanders said at a Los Angeles <\/a>rally in February. \u201cThey\u2019re saying there\u2019s nothing you can do about it. Well, we\u2019ve got some bad news for them, starting right here in California.\u201d<\/p>\n

Political Updates<\/p>\n

Read the original on HuffPost<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Like this article? Keep independent journalism alive. Support HuffPost. California Gov. Gavin Newsom (D) said he\u2019ll vote \u201cno\u201d…\n","protected":false},"author":2,"featured_media":376371,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[9329,7,9,8,457,58696,43166],"class_list":["post-376370","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-billionaires","tag-california","tag-california-headlines","tag-california-news","tag-gavin-newsom","tag-jalen-brunson","tag-knicks"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/376370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=376370"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/376370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/376371"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=376370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=376370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=376370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}