this post was submitted on 26 Jun 2026
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California Gov. Gavin Newsom called for a nationwide tax on billionaires as part of a broader “economic reset for America.”

Newsom, who is considered to be a 2028 presidential contender, also reiterated his opposition to a state-level wealth tax that Californians will vote on in November.

He also called for creating a “national public equity fund” to help “ensure every American owns a stake in the future being built by AI.”

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[–] kreskin@lemmy.world 10 points 1 day ago (1 children)

Crushes it in his state and then pretends to support it nationally. All with what time he has to spare from praising Israel, of course.

[–] billwashere@lemmy.world 2 points 1 day ago

Because he knew it would pass in California but likely fail nationwide.

[–] Hayduke@lemmy.world 76 points 2 days ago (7 children)

I believe, and this is as diplomatic as I care to be, that he is perhaps concerned with billionaires fleeing the state and that a national approach could prevent that.

On the other hand it is more likely that his resistance to the CA tax and cheerleading of a national approach is purely performative as it will simply not happen at that scale, so that his pseudo-progressive veneer isn’t stripped away.

[–] WatDabney@lemmy.dbzer0.com 49 points 2 days ago (4 children)

On the other hand it is more likely that his resistance to the CA tax and cheerleading of a national approach is purely performative as it will simply not happen at that scale

I think that's more likely

That's really pretty standard Democrat fake leftist strategy - only openly advocate for a leftist proposal when there's no chance that it'll pass.

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[–] nao@sh.itjust.works 14 points 2 days ago (1 children)

that he is perhaps concerned with billionaires fleeing the state

If they are not paying taxes anyway, why would that even matter?

[–] Brkdncr@lemmy.world 14 points 2 days ago (1 children)

It’s not that they are providing $0 in tax income, it’s that it’s nearly 0%. It’s still a chunk of change.

I’ve heard that we wouldn’t feel the impact for 25 years.

Even so, kick them out. They can live in beautiful Houston Texas, or sunny Arkansas. Or maybe they will decide paying up is worth the cost of being a resident of California

[–] theuniqueone@lemmy.dbzer0.com 10 points 2 days ago

Except evidence doesn't support mass flight of the rich with higher taxes anyway.

[–] aramis87@fedia.io 7 points 2 days ago (1 children)

We don't even need a billionaire's tax for an "economic reset". I mean, we do because it's not healthy for our economy or our political system. But what will happen with a billionaire's tax? The money will just go to the government, which will spend it in arcane ways that the average person has little visibility or voice on.

What we need is an increase to the minimum wage to whatever it would've been if it hadn't been consistently frozen and re-frozen and with mandatory CoLA, universal healthcare, repeal of Citizens United, repeal of whatever decision it was that said a company's ultimate responsibility is to shareholders, a breakup of a whole bunch of overweighted conglomerates, a breakup of media empires, a ban on "entertainment" masquerading as "news", a reform of the Supreme Court, vetc. There's a whole bunch of other stuff as well. But there's a whole bunch of stuff that could get accomplished without a billionaire's tax.

[–] Triasha@lemmy.world 3 points 2 days ago

Taxing billionaires would benefit regular people even if the government burned the money. Or buried it. It would reduce the price of assets, like housing, and make them more affordable for regular people.

Sure, it would be better spend the money on healthcare or infrastructure, but even if we just subsidized the underwater basketweaving industry, we would still be better off.

[–] fartographer@lemmy.world 3 points 2 days ago

"I can't tax billionaires in California, because they'd leave California"

"I can't tax billionaires nationally, because they'd leave the nation"

"I can't tax billionaires globally, because they'd leave the planet"

There will never be a finish line in front of which these billionaire-class guardians won't shuffle their feet, nor a goalpost that they won't carry further. It's some real "I'll release my taxes after I get elected" energy.

[–] nialv7@lemmy.world 4 points 2 days ago

once he become president he is going to champion a world billionaire tax and say no to a national one.

[–] SinningStromgald@lemmy.world 2 points 2 days ago

On the other hand it is more likely that his resistance to the CA tax and cheerleading of a national approach is purely performative as it will simply not happen at that scale, so that his pseudo-progressive veneer isn’t stripped away.

The idiots, aka 99%of voters, will only remember him promoting the national billionaire tax.

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[–] chilicheeselies@lemmy.world 10 points 1 day ago

How brave to insist one something he can't deliver until after he is voted in as pres. I'd be more inclined to believe him if he actually supported the CA wealth tax

[–] LuminousLuddite@lemmy.world 8 points 1 day ago
[–] Jhex@lemmy.world 51 points 2 days ago* (last edited 2 days ago) (3 children)

wasn't this asshole against the billionaire tax in California?

[–] CorrectAlias@piefed.blahaj.zone 60 points 2 days ago (1 children)

Yes, but then he realized that showing his whole ass before his presidential campaign/election was a bar strategy. He's in damage control mode. If elected, I'm sure he'll flip back to not wanting it again.

[–] neidu3@sh.itjust.works 39 points 2 days ago

"Now is not the time. We have more important matters to focus on"

Gets nothing done regarding any of those matters.

[–] bigbangdangler@reddthat.com 10 points 2 days ago

He's an opportunist first and everything else second. Flip flopping is kind of what he does.

[–] theuniqueone@lemmy.dbzer0.com 3 points 2 days ago

He flips flops all the time I only trust his actions which are very much not good.

[–] Triasha@lemmy.world 18 points 2 days ago

What an absolute fucking snake. He's been opposing the billionaires tax in Cali and now he wants to say it should be national where there is no chance of passage?

Fuck this guy.

[–] LemmyBruceLeeMarvin@lemmy.ml 16 points 2 days ago (1 children)

Perfect democrat performative politics bullshit. It's on the ballot in CA and he fought it the whole time lol

Take the L Gavin

[–] rafoix@lemmy.zip 2 points 2 days ago (2 children)

I understand it not being a CA only issue. It is a national issue.

It is much easier for billionaires to move their money from state to state that out of the country.

Musk abandoned CA because TX will give him everything he wants and never tax him. The US desperately needs wealth taxation and more progressive property taxation.

[–] Nouvellalia@lemmy.world 3 points 1 day ago

Yes, but if you are serious about it, you do what you can as you can. He's fighting it in CA and he'd fight it in DC too. If he were elected he'd suddenly push it a little further away. "I'll do it at my next term. I need to set up this framework first." Or something, and then there would always be more "work to be done beforehand" and he would never do it.

The reason we have trump, is the racist magats, but the reason we couldn't fight them properly and keep them out, is newsom politicians and his buddies.

[–] DomeGuy@lemmy.world 1 points 2 days ago

The US desperately needs wealth taxation and more progressive property taxation.

It's really hard to make a progressive property tax that won't be gamed by slumlords.

A UBI makes all flat taxes progressive,. To deal with the other end, adjust the tax code so any time any increase in value is used it needs to be taxed as regular income.

[–] madcaesar@lemmy.world 9 points 2 days ago

This asshole brought on Sharpio and other right wing grifters to agree with on his podcast but won't talk to real leftists.

I've totally soured on his bullshit. It's all just an intern clapping back at Trump in Twitter, otherwise this is just Hillary Clinton in a man's body.

Business corporate Democrat to the core.

[–] nullspace@lemmy.world 3 points 1 day ago

What stands in their way is the federal tax code, a corporate code, and an inheritance code

Not that Prop 13 is Newsom's doing, but it's kind of rich hearing that from the governor of a feudal state with landed gentry. For those not in the know, Prop 13 allows a person to buy a house and pay a low property tax for the duration of their ownership. This low rate is reset when selling the house, but it is transferable to offspring. It's an actual law that creates a class of property-owning elite. The kind of NIMBYs who pay nothing to their community while voting down new housing or anything else that would threaten their property value.

[–] RizzRustbolt@lemmy.world 2 points 1 day ago

Couldn't even win Florida wearing those flip-flops.

[–] vladmech@lemmy.world 21 points 2 days ago

So he’s against the state level one that actually has a chance of passing, but for a national one that has zero chance, neat.

[–] Pacattack57@lemmy.world 15 points 2 days ago

Too little too late for Newsome. He’s had plenty of years to talk up a rich tax. Dude is capitalizing on the rhetoric. Like thanks but no thanks bud. We don’t need a yes man. Need someone with actual ideals

[–] Etterra@discuss.online 2 points 1 day ago

Millionaires too, but we can start with the billionaires and up. It would be nice if we could replace capital gains with a system that actually taxes their assets rather than what they get when they sell those assets, but that'll never fucking happen

[–] Zaktor@sopuli.xyz 12 points 2 days ago

It's all a smokescreen. He's not proposing a national wealth tax, just another minimum income tax. Which they won't care about because they don't earn significant income.

Newsom said he supports “a true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”

[–] farmgineer@nord.pub 8 points 2 days ago

Yeah, you're not gonna get your credibility with me back, bud.

[–] Semi_Hemi_Demigod@lemmy.world 10 points 2 days ago

I don’t want any stake in the future being built by AI because I don’t want the future being built by AI

[–] AshMan85@lemmy.world 9 points 2 days ago

He is a 2 faced centrist, family friends with Pelosi. He wont do it.

[–] YtA4QCam2A9j7EfTgHrH@infosec.pub 8 points 2 days ago (1 children)

I think Gaven Newsom should have all of his possessions thrown away.

[–] toomanypancakes@crazypeople.online 7 points 2 days ago* (last edited 2 days ago)

I think Gavin Newsome should stub both his little toes, one after the other. Daily.

[–] nullroot@lemmy.world 5 points 2 days ago

I don't believe this asshole.

[–] Furbag@pawb.social 4 points 2 days ago

Californians are proposing a billionaire tax and he promised to veto it.

Also, we don't want a stake in AI. We want to burn it to the fucking ground because it's ruining everything right now.

Newsom is such a duplicitous motherfucker.

[–] f1error@lemmy.world 4 points 2 days ago (1 children)

This bowl of fuckwit oatmeal is going to be the DNC nominee for prez, isn't he? We are soooo fucked!

Can someone just nuke us or slam a gigantic meteorite into us? Just end it already, I'm tired of suffering under these fools and mouth-breathers.

[–] HurricaneLiz@lemmy.world 1 points 2 days ago

Asteroid availability scan complete: one can be hurled your way now, will you be home to sign for delivery in 16 million years?

😂🤷🏻‍♀️

[–] IcePee@lemmy.beru.co 4 points 2 days ago (2 children)

Fine words, but does he have the credibility to back it up?

[–] theunknownmuncher@lemmy.world 8 points 2 days ago

He does not

[–] theuniqueone@lemmy.dbzer0.com 2 points 2 days ago

Nope while his actions prove he won't actually go for it.

[–] xSikes@feddit.online 2 points 2 days ago

Dude is late to the party. Always is always will. I don’t true him to be true, he’s a reactive clown. Great twitter but he’s too center and that what we are going to see in this, it’s going to be half ass.

[–] mattyroses@lemmy.today 1 points 2 days ago

So, think they'll use THE PARLIAMENTARIAN excuse again for this one, if they can't avoid winning congress?

[–] Mulligrubs@lemmy.world 0 points 1 day ago

Trump~ "No more wars!"

Biden~ "Higher minimum wage!"

Trump~ "I will build a wall!"

Obama~ "Universal healthcare!"

Bush~ "Christ is in my heart!"

Clinton~ "Universal healthcare!"

[–] z3rOR0ne@lemmy.ml 0 points 1 day ago

Hey Gavin! Remember that time you sat down with fascist Charlie Kirk and threw trans athletes under the bus? Yeah... I remember that you asshole. Fuck you and yours forever.

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