Gavin Newsom calls for national billionaires tax: 'It's time for an economic reset'
California Gov. Gavin Newsom said he supports imposing "a true minimum tax on billionaires" and closing "tax-free lifestyle loan" loopholes for the rich.
TL;DR
- Gavin Newsom supports a nationwide tax on billionaires, a "true minimum tax" to ensure the wealthy pay at least the same rate as their workers.
- He advocates for closing tax loopholes and benefits for the ultra-wealthy, including "tax-free lifestyle loans" and rewriting inheritance rules.
- Newsom also called for returning corporate tax rates to pre-2017 levels and establishing a "national public equity fund" for AI development.
- Despite advocating for a national billionaires tax, Newsom opposes a state-level wealth tax measure on California's November ballot.
- He argues that taxing the wealthy should be a national effort, not a state-by-state battle, as billionaires can move assets to avoid state taxes.