Gavin Newsom Proposes a National Billionaire Tax

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Gavin Newsom Proposes a National Billionaire Tax

June 26, 2026 at 9:50 am EDT By Taegan Goddard 208 Comments

https://politicalwire.com/2026/06/26/gavin-newsom-proposes-a-national-billionaire-tax/

“California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an “economic reset for America” agenda, which aides explicitly say is part of his considering to launch a presidential campaign,” CNN reports.

Said Newsom: “The system America’s founders built was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades. We can reverse it together, as a country.”

“It is extremely early in the presidential campaign cycle for a policy proposal — but comes as Democrats continue to embrace economic populism and moves against the wealthy. It also comes as California voters in November will decide on a billionaires’ tax after the governor and opponents of the tax late Thursday failed to reach a deal to keep it off the ballot.”

Wall Street Journal: California’s proposed billionaire tax will appear before voters in November, teeing up a high-stakes fight among Democrats.