Gavin Newsom calls for national billionaires tax: ‘Economic reset’

California Gov. Gavin Newsom, a potential presidential candidate for 2028, has proposed a nationwide tax on billionaires as part of his vision for an “economic reset for America.”

In a post on Substack and a video shared on social media, Newsom advocated for increasing taxes on the wealthiest individuals in the country. However, he expressed opposition to a state-level wealth tax that will be voted on in California in November.

Newsom, who is considering a White House bid, outlined a finance-focused campaign platform similar to other Democrats eyeing the presidency. He emphasized the need to address economic disparities and ensure that the ultra-wealthy pay their fair share of taxes.

His proposals include implementing a minimum tax on billionaires, closing tax loopholes for the wealthy, and returning corporate tax rates to pre-2017 levels. Newsom also suggested the creation of a national public equity fund to give every American a stake in the future.

Despite his national tax proposal, Newsom remains against a California-specific tax on billionaires, arguing that it could drive wealth out of the state without benefiting key priorities. He believes that the fight for tax fairness should be addressed at the federal level.