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.”
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.