Gov. Gavin Newsom isn't just fighting the billionaire tax. He's backing Prop. 42, which would ban future wealth taxes in California, too.

Not only has Gov. Gavin Newsom vocally opposed the proposed California billionaire tax, but he also wants to prevent the state from ever passing a wealth tax in the future.

On Friday he endorsed Proposition 42, a ballot measure that would cancel out Proposition 40, the proposed billionaire tax. Prop. 42 would prohibit retroactive taxes like the one-time 5% tax on assets that would apply to any billionaire who lived in California on Jan. 1, 2026 if Prop. 40 passes.

But Prop. 42, funded and placed on the ballot by billionaire and Google co-founder Sergey Brin to defeat the billionaire tax, also would go further, by banning any new taxes on personal property.

That includes pensions and 401K accounts before retirees start drawing retirement income from them. It also includes other investments, financial assets, business holdings, art collections and all other forms of personal wealth that would be affected by the billionaire tax or any future wealth tax.

Newsom’s decision to support Prop. 42 runs counter to his own Democratic Party and some labor unions. It also aligns him with some of the wealthy tech donors with whom he’s maintained longstanding relationships dating back to his days as mayor of San Francisco.

  • Hildegard (she/her)@lemmy.blahaj.zone
    20·
    24 hours ago

    Gavin recently vetoed a law that would stop California from extraditing people who are charged by other states for the crime of receiving healthcare in California. He said he couldn’t restrict future governors.

    Now he’s supporting a bill to restrict future legislatures from passing wealth taxes.

    Not only is he a bigot, he is also a hypocrite. He is term limited from running for Governor, but clearly is wanting to run for president someday. Let me make it completely clear to anyone reading. There are no circumstances that could ever convince me to vote for newsom. I hope he suffers whatever is the worst fate that can be described while following the rules of this community.