SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom said he will vote no on a proposed California billionaire wealth tax as the measure heads to the November ballot, and he called for a federal tax on billionaires instead.
In a June 26 Substack post and video message, Newsom said the issue “belongs at the federal level” and argued that wealthy people can move assets or residency to states such as Texas and Florida to avoid a state tax.
The proposal, backed by Service Employees International Union–United Healthcare West, would impose a one-time 5% tax on Californians with assets above $1 billion, according to reporting on the measure. Newsom said the state should not act alone because, in his view, wealth is mobile.
He also laid out a broader federal plan that would include a minimum tax on Americans worth more than $100 million, changes to inheritance rules, an end to loopholes that let people borrow against appreciated assets, and higher corporate tax rates.
The governor’s opposition comes as California voters are set to weigh the measure in November, turning the fight into part of the state’s election-year ballot debate.
