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.”

  • Triasha@lemmy.world
    5·
    9 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.