California Governor Gavin Newsom announced his agenda regarding taxation on billionaires following a pledge from a prominent health care union in California. The union plans to advance a ballot measure that would implement a one-time 5% tax on the assets of billionaires residing in California as of January 1, 2026. Governor Newsom has expressed opposition to this measure.
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Governor Newsom discusses proposed national tax on billionaires amid state ballot measure
Governor Gavin Newsom has outlined his agenda for a national tax on billionaires, coinciding with a ballot measure from a California health care union. This measure proposes a one-time 5% tax on the assets of billionaires living in the state starting January 1, 2026, which Newsom opposes.
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Original Headline
Newsom urges a national 'billionaires' tax' while fighting one in California
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Governor Newsom discusses proposed national tax on billionaires amid state ballot measure