SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom on Thursday urged voters to reject a billionaire wealth-tax measure that has qualified for the November ballot, saying he will vote no and wants Congress to impose a national tax on the ultrawealthy instead.
In a post on his Substack page and in accompanying video and social-media posts, Newsom said the fight “belongs at the federal level” and argued that billionaires can move wealth or residency to states such as Texas or Florida to avoid a state tax.
Newsom’s opposition is not new. He told The New York Times in January that he intended to stop the proposal, and he later said the issue should be handled in Washington because the current tax system was built for a different era.
The measure, backed by Service Employees International Union-United Healthcare West, would impose a one-time 5% tax on Californians with assets above $1 billion, according to descriptions in the reporting. Newsom’s alternative plan would target Americans with more than $100 million in wealth and would also change inheritance rules, borrowing against appreciated assets and corporate tax rates, according to his post.
California election officials have already placed the measure on the November ballot, setting up a statewide fight over whether the state should tax its richest residents or wait for a federal plan.
