SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom is urging voters to reject a billionaire wealth-tax measure that has qualified for the November ballot, saying he will vote no and arguing the fight should move to Washington.
Newsom made the case in a Substack post and video message after California election officials said the initiative had qualified for the ballot. The measure would impose a one-time 5% tax on Californians with assets above $1 billion, according to the proposal described in reporting on the initiative.
Instead of a state tax, Newsom called for a national billionaire tax, saying “The fight belongs at the federal level, where this broken system was created in the first place.” He also proposed a broader federal tax overhaul, including a minimum tax on Americans worth more than $100 million, changes to inheritance rules, limits on borrowing against appreciated assets and higher corporate tax rates.
Newsom said a state-level wealth tax could prompt wealthy residents to leave California for states such as Texas or Florida, hurting the state’s economy. The ballot measure was advanced by Service Employees International Union–United Healthcare West, according to reporting on the initiative.
