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.
Oh he will the Democratic party have chosen thier candidate he been the choice for long time. They run primary and Harris be there and they might even run Hillary. Then they sprinkle in some moderates like oh Pete Buttigieg, just to make you think you have choices. If AOC runs then they throe Elizabeth Warren just to make sure it spilts that vote. Regardless Newsome will win the primary and he be a Blue Maga. Look how they already sabotaging their campaigns by abandoning trans people.
He just allowed the Paramount merger after promising not to sell out, and now he’s trying to kill a billionaire tax and make it illegal to try to make one in the future. People see him as the slimy car salesman he is? Even liberals don’t like him. Gavin Newsom is not making it far in 2028 I will tell you that.
Wish you were right but if the Democratic party wants him to be their leader nothing you or I can do about it.
You’re completely delusional if you think Clinton will run in the 2028 primaries.