{"id":282431,"date":"2026-06-26T09:00:00","date_gmt":"2026-06-26T13:00:00","guid":{"rendered":"https:\/\/news-you-need.com\/index.php\/2026\/06\/26\/gavin-newsom-opposes-a-california-wealth-tax-hes-proposing-a-national-billionaire-tax-instead\/"},"modified":"2026-06-26T09:25:53","modified_gmt":"2026-06-26T13:25:53","slug":"gavin-newsom-opposes-a-california-wealth-tax-hes-proposing-a-national-billionaire-tax-instead","status":"publish","type":"post","link":"https:\/\/news-you-need.com\/index.php\/2026\/06\/26\/gavin-newsom-opposes-a-california-wealth-tax-hes-proposing-a-national-billionaire-tax-instead\/","title":{"rendered":"Gavin Newsom opposes a California wealth tax. He\u2019s proposing a national billionaire tax instead"},"content":{"rendered":"

Gavin Newsom opposes a California wealth tax. He\u2019s proposing a national billionaire tax instead<\/a><\/p>\n

https:\/\/www.cnn.com\/2026\/06\/26\/politics\/gavin-newsom-billionaire-tax-california<\/a><\/p>\n

Publish Date: 2026-06-26 09:00:00<\/a><\/p>\n

Source Domain: www.cnn.com<\/a><\/p>\n

\n California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an \u201ceconomic reset for America\u201d agenda, which aides explicitly say is part of his considering to launch a presidential campaign.\n <\/p>\n

\n \u201cThe system America\u2019s founders built was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades,\u201d Newsom writes. \u201cWe can reverse it together, as a country.\u201d\n <\/p>\n

\n It is extremely early in the presidential campaign cycle for a policy proposal \u2014 but comes as Democrats continue to embrace economic populism and moves against the wealthy. It also comes as California voters in November will decide on a billionaires\u2019 tax after the governor and opponents of the tax late Thursday failed to reach a deal to keep it off the ballot.\n <\/p>\n

\n Newsom, who is term-limited in California and will leave office in January 2027, lays out his proposal in a Substack post that went live on Friday morning, calling for a minimum tax on anyone worth more than $100 million so that they pay at least the same rate, rather than less, than the average American worker who doesn\u2019t have loopholes and other maneuvers to benefit from.\n <\/p>\n

\n Various wealth tax ideas have been proposed by Democrats before, including by Massachusetts Sen. Elizabeth Warren as part of her 2020 Democratic presidential campaign. Newsom says his idea comes out of wanting to create a bulwark against how artificial intelligence will reshape the economy, also proposing what he calls a \u201cnational public equity fund\u201d to give every American, rather than just tech companies and investors, a share in the wealth likely to be produced. That fund, an aide said, would cover worker transition benefits, universal childcare, free higher…<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gavin Newsom opposes a California wealth tax. He\u2019s proposing a national billionaire tax instead https:\/\/www.cnn.com\/2026\/06\/26\/politics\/gavin-newsom-billionaire-tax-california…<\/p>\n","protected":false},"author":1,"featured_media":282433,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2026-05-08t181341z-84063620-rc245laluxxe-rtrmadp-3-california-politics.JPG?c=16x9&q=w_800,c_fill","fifu_image_alt":"","footnotes":""},"categories":[14],"tags":[20],"class_list":["post-282431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","tag-artificial-intelligence"],"_links":{"self":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/282431"}],"collection":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/comments?post=282431"}],"version-history":[{"count":1,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/282431\/revisions"}],"predecessor-version":[{"id":282434,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/282431\/revisions\/282434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/media\/282433"}],"wp:attachment":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/media?parent=282431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/categories?post=282431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/tags?post=282431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}