Not only has Gov. Gavin Newsom vocally opposed the proposed California billionaire tax, but he also wants to prevent the state from ever passing a wealth tax in the future.
On Friday he endorsed Proposition 42, a ballot measure that would cancel out Proposition 40, the proposed billionaire tax. Prop. 42 would prohibit retroactive taxes like the one-time 5% tax on assets that would apply to any billionaire who lived in California on Jan. 1, 2026 if Prop. 40 passes.
But Prop. 42, funded and placed on the ballot by billionaire and Google co-founder Sergey Brin to defeat the billionaire tax, also would go further, by banning any new taxes on personal property.
That includes pensions and 401K accounts before retirees start drawing retirement income from them. It also includes other investments, financial assets, business holdings, art collections and all other forms of personal wealth that would be affected by the billionaire tax or any future wealth tax.
Newsom’s decision to support Prop. 42 runs counter to his own Democratic Party and some labor unions. It also aligns him with some of the wealthy tech donors with whom he’s maintained longstanding relationships dating back to his days as mayor of San Francisco.
I’d like to hear his rebuttal before jumping on the hate wagon
“What’re you gonna do about it, vote republican?” - The democratic party
I love how honest we are becoming with each other. Hang up your masks blue maga, you dont need them anymore.
Looking forward to this thread being fully purged in late 2027
It’s because Gavin comes from old wealth.
Newsom is a lapdog to the forces destroying this country and should never be allowed near elected office. His personal wealth should be confiscated and he can subsist on welfare for the rest of his life.
I thought this said Gabe Newell for a second and I was confused.
What a massive piece of shit!
you sound surprised…
Remember when he was pretending to be a peoples governor?
Gavin Newsom is a clown & lapdog to the Epstein class. His legacy is mud
Nothing says fiscal policy like taking away your biggest revenue stream.
Man, I so hope this kills his political aspirations dead.
He’s the “Diet Republican” brand of Democrat (most Democrats are but especially him), and people have already shown repeatedly that they arent interested in that.
People who want a Republican will vote for the real thing. People who don’t want a Republican will vote for someone else. He’s pandering to a crowd that doesn’t exist in any significant size.
This precisely, haven’t heard it described better.
The exact reason Trump is president and Democrats are floundering.
The fucked us w Bernie and lost the political capital and elections since.
Fuxk Newsome, every AIPAC backed candidate and establishment Democrats.
Go DemSoc or go the fuck home.
He will be pushed hard by the DNC to avoid having a non-conservative as a presidential candidate.
Gavin Newsom exemplifies what is wrong with the Democratic party.
We need to push the DSA to replace these shitty centrist Democrats, just like the tea party replaced the old Republicans. It can be done.
Bingo, he runs with the hare and the hounds and lends credibility to the Republican notion that all dems are deeply corrupted.
I don’t want a one time tax on billionaires.
I want an every year tax on billionaires.
I hear you, but don’t let the lack of a perfect solution be the enemy of progress. A one-time tax would still (theoretically) do some good, and not harm anybody. So long as those funds are properly allocated.
Prop 40 has a loop hole where they can tax everyone on assets if ca needs to. I’m against taxing assets in general. Tax actual income 80% for all I care for billionaires but taxing assets is full of legal issues. Who says what something is worth?
Don’t care. They need to pay it.
security backed loans are not taxed as income, and largely how the class pays for things.
Good for them for figuring out how to gain the system. Eventually they have to pay those loans
“Figuring out” how to game the system they rigged?
But yeah, you can’t live long by eating your own shit. So eventually they will have pay, one way or another.
Assets gains outpace interest rate on loan. They take out another securities backed loan to pay off first and pay for more stuff. They do this forever.
They don’t though.
How do you ban future laws? Isn’t that a bit like when a 10 year old tells his girlfriend she isn’t allowed to ever ever break up?
You don’t, you make a bill, pass the bill and it stands as long as no one tries to fight it.
It’s banned forever!
Or until it is unbanned.
The people continue to be treated like rag dolls for the rich. People are such clowns for voting for this system. Split this fucker up. It is time.
