SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom said he will vote no on a billionaire wealth-tax initiative that has qualified for the November ballot, and urged Democrats to back a federal tax on billionaires instead.
In a Substack post and video Friday, Newsom said the issue “belongs at the federal level, where this broken system was created in the first place.” He also called for a national minimum tax on Americans worth more than $100 million, along with changes to inheritance and corporate tax rules.
Newsom’s opposition puts him against a proposal aimed at taxing California billionaires through the state ballot process. He has argued that wealthy residents can move money or residence to lower-tax states such as Texas or Florida, making a state-only tax easier to avoid.
California election officials have placed the measure on the November ballot, leaving voters to decide the issue later this year.
