SACRAMENTO, Calif., June 27 (Our California Times) — A billionaire wealth-tax measure has qualified for California’s November ballot, and Gov. Gavin Newsom says he will vote no while urging a national tax on billionaires instead.
Newsom made the case in a Substack post and video, saying the issue “belongs at the federal level, where this broken system was created in the first place,” according to the post.
He said his alternative would include a federal minimum tax on Americans worth more than $100 million, changes to inheritance rules, tighter limits on borrowing against appreciated assets and a return to higher corporate tax rates.
Newsom also warned that wealthy people can move to states such as Texas or Florida to avoid a state tax, arguing that California should not risk pushing business and capital out of the state.
