California Gov. Gavin Newsom said he supports imposing "a true minimum tax on billionaires" and closing "tax-free lifestyle loan" loopholes for the rich.

California Gov. Gavin Newsom called for a nationwide tax on billionaires as part of a broader “economic reset for America.”

Newsom, who is considered to be a 2028 presidential contender, also reiterated his opposition to a state-level wealth tax that Californians will vote on in November.

He also called for creating a “national public equity fund” to help “ensure every American owns a stake in the future being built by AI.”

  • Hayduke@lemmy.world
    711·
    23 hours ago

    I believe, and this is as diplomatic as I care to be, that he is perhaps concerned with billionaires fleeing the state and that a national approach could prevent that.

    On the other hand it is more likely that his resistance to the CA tax and cheerleading of a national approach is purely performative as it will simply not happen at that scale, so that his pseudo-progressive veneer isn’t stripped away.

    • fartographer@lemmy.world
      3·
      13 hours ago

      “I can’t tax billionaires in California, because they’d leave California”

      “I can’t tax billionaires nationally, because they’d leave the nation”

      “I can’t tax billionaires globally, because they’d leave the planet”

      There will never be a finish line in front of which these billionaire-class guardians won’t shuffle their feet, nor a goalpost that they won’t carry further. It’s some real “I’ll release my taxes after I get elected” energy.

    • nao@sh.itjust.works
      10·
      22 hours ago

      that he is perhaps concerned with billionaires fleeing the state

      If they are not paying taxes anyway, why would that even matter?

      • Brkdncr@lemmy.world
        111·
        22 hours ago

        It’s not that they are providing $0 in tax income, it’s that it’s nearly 0%. It’s still a chunk of change.

        I’ve heard that we wouldn’t feel the impact for 25 years.

        Even so, kick them out. They can live in beautiful Houston Texas, or sunny Arkansas. Or maybe they will decide paying up is worth the cost of being a resident of California

    • CharlesDarwin@lemmy.worldEnglish
      1·
      18 hours ago

      he is perhaps concerned with billionaires fleeing the state and that a national approach could prevent that

      Not sure about his motivations, but we absolutely cannot be playing states off of one another to see who can bend over the hardest for the Epstein Class.

      Fuck that noise.

    • nialv7@lemmy.world
      1·
      22 hours ago

      once he become president he is going to champion a world billionaire tax and say no to a national one.

    • SinningStromgald@lemmy.world
      1·
      22 hours ago

      On the other hand it is more likely that his resistance to the CA tax and cheerleading of a national approach is purely performative as it will simply not happen at that scale, so that his pseudo-progressive veneer isn’t stripped away.

      The idiots, aka 99%of voters, will only remember him promoting the national billionaire tax.