California Gov. Gavin Newsom said he supports imposing "a true minimum tax on billionaires" and closing "tax-free lifestyle loan" loopholes for the rich.

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.”

  • rafoix@lemmy.zip
    52·
    7 days ago

    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
      6·
      6 days 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·
      6 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.