Gavin Newsom Urges a National ‘Billionaires’ Tax’ While Fighting One In California
1st July 2026
The Guardian, Voice of Socialism in Britain.
California’s governor, Gavin Newsom, called for a national “billionaires tax” on Friday as he fights a ballot measure targeting the ultra-wealthy in his home state.
Rules are for thee but not for me.
Newsom, who is expected to run for president in 2028, published his proposal the day after California officials certified a ballot measure to levy a one-time 5% tax on residents worth more than $1bn. The initiative, called the California Billionaire Tax Act, was brought by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW) and would fund the state’s healthcare, education and food assistance programs.
Proglodyte never run out of ideas for spending YOUR money.
The initiative received more than 1.6m signatures – one of the highest in California history and something organizers point to as testament to the ballot measure’s popularity. But it also spurred intense pushback from some of the state’s richest Silicon Valley residents as well as several other prominent labor unions.
“The dangerous wealth tax directly threatens vital funding for education and schools, healthcare and clinics, public safety, and infrastructure projects by making California’s revenue even more volatile,” a coalition of unions including the California Medical Association, California Primary Care Association and the California School Boards Association said in a joint statement on Thursday.