SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom said he will vote no on a billionaire-wealth tax measure that has qualified for the November ballot, while urging Congress to impose a federal tax on billionaires instead.
In a Substack post and video Friday, Newsom said the fight over wealth taxation “belongs at the federal level” and argued that the U.S. tax code needs an “economic reset.”
The state measure would impose a one-time 5% tax on Californians with assets above $1 billion. Newsom said billionaires can move money or residency to states such as Texas or Florida to avoid a California-only levy.
Newsom’s post also outlined a broader federal plan that would apply a minimum tax to Americans worth more than $100 million, change inheritance rules, close loopholes tied to borrowing against appreciated assets and raise corporate tax rates to pre-2017 levels.
