Gavin Newsom urges a national 'billionaires' tax' while fighting one in California
California governor calls for national tax on super-wealthy and suggests the US should own a stake in AI companies
TL;DR
- California Governor Gavin Newsom is advocating for a national tax on billionaires.
- Newsom opposes a state-level 5% tax on individuals worth over $1 billion, citing potential harm to California's economy and the ease with which wealth can be moved to other states.
- His national proposal includes a minimum tax on net worth above $100 million, prohibiting tax-free borrowing against stock portfolios, government stakes in AI companies, and changes to inheritance and corporate taxes.
- Congressman Ro Khanna criticizes Newsom's federal proposal as 'toothless' and catering to the tech industry, urging support for the California ballot measure instead.
- Newsom argues that wealth taxes are best addressed at the federal level due to the mobility of assets.