California Gov. Gavin Newsom has proposed a national tax on billionaires as part of an ‘economic reset for America’ agenda. Newsom’s plan calls for a minimum tax on individuals worth over $100 million, ensuring they pay at least the same rate as the average American worker.

Details of the Proposal

Newsom’s proposal includes a ‘national public equity fund’ to give every American a share in the wealth generated by artificial intelligence. The fund would cover worker transition benefits, universal childcare, free higher education, and career training, as well as healthcare and a national industrial strategy for AI.

Newsom also advocates for rewriting the rules around inheritance, warning that the largest intergenerational wealth transfer in human history will occur over the next 20 years. If not addressed, this transfer of wealth among the ultra-wealthy could lead to a ‘permanent American aristocracy of inherited wealth,’ with significant political consequences.

Notably, Newsom opposes a California wealth tax, which would levy a one-time 5% tax on residents with a net worth over $1 billion. He fears this tax could drive businesses out of California and that the revenue collected would not be distributed widely enough.

Original reporting: KRDO (Colorado Springs metro) — read the source article.