California Governor Gavin Newsom proposed a national tax on billionaires on June 26, 2026, while opposing a similar measure in California. His proposal coincides with the certification of a ballot initiative in California that seeks to impose a one-time 5% tax on residents with a net worth exceeding $1 billion. This initiative, known as the California Billionaire Tax Act, was introduced by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW) and aims to support healthcare, education, and food assistance programs in the state.
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Gavin Newsom proposes national tax on billionaires amid California ballot measure
On June 26, 2026, California Governor Gavin Newsom called for a national tax on billionaires while contesting a related measure in California. The California Billionaire Tax Act proposes a one-time 5% tax on individuals worth over $1 billion to fund state programs.
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Gavin Newsom urges a national 'billionaires' tax' while fighting one in California
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Gavin Newsom proposes national tax on billionaires amid California ballot measure