Source link : https://big-apple.news/2026/06/26/new-york-news/newsom-begs-californians-to-vote-no-on-billionaires-tax-in-face-of-mass-exodus-pitches-nationwide-tax-hike/
California Democratic Gov. Gavin Newsom is dealing with one other blow after an enormous wealth tax he warned might trigger a wealth and enterprise exodus from the state was formally added to the November poll.
Regardless of his opposition, the measure’s sponsor, Billionaire Tax Now, introduced Thursday that it was formally being added to the state’s poll. The measure, known as the California Billionaire Tax Act, would impose a one-time, “emergency” 5% tax on Californians with property exceeding $1 billion. The tax has been endorsed by socialist Sen. Bernie Sanders, I-Vt., who known as it “cheap and essential” “at a time of unprecedented and rising wealth consolidation and earnings inequality.”
Nonetheless, Newsom, a rumored frontrunner for the Democratic Occasion’s presidential nomination, has come out strongly towards the tax, citing fears that billionaires will merely up and go away to states like Texas or Florida.
In a prolonged Substack put up on the tax, Newsom wrote, “Final evening, it grew to become sure {that a} wealth tax can be positioned on the November poll in California. I’m voting no.”
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California Democratic Gov. Gavin Newsom has come out strongly towards a proposed state billionaire tax whereas pushing an identical nationwide tax.
(Getty Pictures)
“It’s possible you’ll not have the ability to decide up and transfer to Texas or Florida…
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Author : big-apple
Publish date : 2026-06-26 21:18:00
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