Gavin Newsom comes out swinging against California billionaire tax
Ballot initiative, opposed by the ultra-wealthy, would levy one-time 5% tax on individuals worth more than $1bnCalifornia’s governor, Gavin Newsom, renewed his pledge this week to fight a controversial plan to tax billionaires in the state. The proposed ballot measure, which could go to voters in...
<p>Ballot initiative, opposed by the ultra-wealthy, would levy one-time 5% tax on individuals worth more than $1bn</p><p>California’s governor, <a href="https://www.theguardian.com/us-news/gavin-newsom">Gavin Newsom</a>, renewed his pledge this week to fight a controversial plan to tax billionaires in the state. The proposed ballot measure, which could go to voters in November, has <a href="https://www.theguardian.com/us-news/2026/jan/08/billionaire-tax-california">gained public attention recently</a> amid heavy criticism and threats from tech moguls to leave the state.</p><p>In interviews with <a href="https://www.politico.com/news/2026/01/12/gavin-newsom-moves-neutralize-tax-billionaires-00723633">Politico</a> and <a href="https://www.nytimes.com/2026/01/13/us/newsom-billionaire-tax-california.html">the New York Times</a> published on Monday, Newsom described his office’s efforts to kill the proposed billionaire tax and told the Times he would “do what I have to do to protect the state”. As a direct-to-voters ballot initiative, Newsom would not have the power to veto the tax if the proposal passed.</p> <a href="https://www.theguardian.com/us-news/2026/jan/13/gavin-newsom-california-billionaire-tax">Continue reading...</a>
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