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.

  • adjectivenoun@lemmy.worldEnglish
    11·
    16 hours ago

    That person who lied thousands of times before, and had a clear track record? The people that elected him should and could have known better.

    • NonconfrontationaI@lemmy.ml
      11·
      13 hours ago

      Is it the fault of millions and millions of under educated desperate poors? Or a handful of some of the most powerful people on the planet running the opposition to Donald fucking trump, who couldn’t even manage to beat his empty promises?

      • adjectivenoun@lemmy.worldEnglish
        1·
        12 hours ago

        Yes. It is the fault of the electorate. The rich cunts are owed plenty of blame for buying up our media ecosystem and using it to propagandize the public, but ultimately, the public has the education system because they voted for it, and the public elected their leaders because they are assholes.

        I sense your US-centrism. You don’t want to be blamed, do you? Well how about Israel? Are Israelis not responsible for Bibi having power since 1996? Are Israelis great, blameless people as they vociferously support a genocide?

        Think, dude.