US EditionGavin Newsom says he's 'burdened by the facts' as he criticizes California billionaire wealth tax proposal
Governor Newsom warns a one-time 5% tax on billionaires could reduce funding for education, childcare, and public safety, with possible billionaire departures lowering future tax revenue.
- On Thursday, Gov. Gavin Newsom warned the proposed billionaire wealth tax would reduce investments in education, childcare, firefighting and police at a Bloomberg News event in San Francisco while addressing California residents reportedly leaving the state.
- The initiative drafted by SEIU-UHW would impose a 5% tax on Californians worth over $1.1 billion, applying retroactively on Jan. 1, 2026, with 90% of revenue allocated to health care.
- Fiscal estimates show the tax could raise tens of billions of dollars, but the California Legislative Analyst’s Office warns ongoing revenue losses could cost hundreds of millions annually, with payments due in 2027 and spread over five years.
- Supporters including Rep. Ro Khanna and Tom Steyer aim to gather signatures by April, as opponents like Gavin Newsom and others oppose the measure amid sharp Democratic divisions.
- Supporters say the tax is needed to address health-care shortfalls, while an SEIU member warned federal cuts could affect more than 4 million businesses and collapse parts of California’s system.
12 Articles
12 Articles
California Wealth Tax Would Cause Rich to Flee, Newsom Warns
California Governor Gavin Newsom warned that a proposed one-time tax on billionaires will backfire by prompting the ultra-rich to leave the state and expressed disappointment at those who’ve already departed such as Google co-founder Sergey Brin.
Gavin Newsom reveals intimate phone calls from California’s wealthiest about billionaire’s tax: ‘They feel they’re being attacked’
Gov. Newsom made the revelations at a Bloomberg forum event in San Francisco saying the state's richest are pleading him with to stop the one-off 5% tax on those with more than $1 billion in assets.
Gavin Newsom says he's 'burdened by the facts' as he criticizes California billionaire wealth tax proposal
California Gov. Gavin Newsom is forcefully pushing back against a proposed billionaire wealth tax, warning that the plan could cut funding for schools, public safety and other core services rather than fix the state’s budget challenges."California has the most progressive tax structure in the United States of America. We do… That said, I fear the way this has been drafted," Newsom said at a Bloomberg News event in San Francisco on Thursday eveni…
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