Newsom calls for ‘national billionaires tax’
Key takeaways
- In an op-ed posted on Substack, titled.
- Meanwhile, Newsom sought to strike down a ballot measure that would impose a one-time 5 percent tax on residents in the Golden State with a net worth greater than $1 billion.
- The governor instead called for a federal overhaul of the tax code, including changes to inheritance laws that he said would prevent the creation of a permanent American aristocracy of inherited wealth.
Why this matters: political developments that affect policy direction and public trust.
Gavin Newsom (D) on Friday called for a national tax on the country s wealthiest Americans, unveiling his plan to address growing wealth inequality a day after a proposed billionaire tax — to which he objected — secured a spot on California s November ballot.
In an op-ed posted on Substack, titled. It s time for a national billionaires tax and a new social compact, Newsom wrote that it s time for an economic reset in America, posing the widening wealth gap as a critical issue in his economic agenda ahead of an anticipated presidential run.
The Democratic governor s proposal includes a true minimum tax on billionaires and those with a net worth of $100 million as well as a national public equity fund allowing Americans to have a share in the monetary gains generated by the artificial intelligence industry.