SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom said he will vote against a state ballot measure that would tax billionaires, instead urging Congress to adopt a national tax on the ultrawealthy.
In a Substack post and video, Newsom said the issue “belongs at the federal level,” arguing that wealthy people can move money or residency to states such as Texas and Florida to avoid a state tax.
He said he wants a national tax on Americans worth more than $100 million, along with changes to inheritance rules, limits on borrowing against appreciated assets and higher corporate tax rates.
Newsom first said in a January interview with The New York Times that he intended to stop the California initiative and had been working behind the scenes against it. He also said then that he would take steps to protect the state.
The California measure, advanced by Service Employees International Union-United Healthcare West, would impose a one-time 5% tax on Californians with assets above $1 billion, according to reporting on the proposal.