SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom is urging voters to reject a billionaire wealth-tax initiative that has qualified for the November ballot, saying the fight over taxing the ultrarich should move to Washington.
In a Substack post and video message, Newsom said he would vote no on the measure and argued that “the fight belongs at the federal level.” He also said wealthy residents can move to states such as Texas or Florida to shield income and assets from a state tax.
The measure would impose a one-time 5% tax on Californians with assets above $1 billion, according to the initiative language described in reporting. Newsom’s opposition comes after election officials placed the proposal on the ballot for voters to decide in November.
Newsom also used the post to promote a broader federal plan that would tax Americans worth more than $100 million, change inheritance rules, limit borrowing against appreciated assets and raise corporate tax rates back to pre-2017 levels.
The governor has argued since earlier this year that he wanted to stop the proposal from advancing in California. In January, he told The New York Times that he intended to fight the measure and had been working against it behind the scenes.
