California Gov. Gavin Newsom has proposed a national tax on billionaires as part of an ‘economic reset for America’ agenda. Newsom’s proposal comes as Democrats continue to embrace economic populism and moves against the wealthy. The governor’s plan would impose a minimum tax on individuals worth more than $100 million, ensuring they pay at least the same rate as the average American worker.
Newsom’s Proposal
Newsom’s proposal also includes a ‘national public equity fund’ to give every American a share in the wealth produced by artificial intelligence. The fund would cover worker transition benefits, universal childcare, free higher education and career training, healthcare, and a national industrial strategy for AI. Additionally, Newsom called for rewriting the rules around inheritance to prevent a ‘permanent American aristocracy of inherited wealth.’
Newsom’s proposal is seen as a potential precursor to a presidential campaign, with the governor term-limited in California and set to leave office in January 2027. The governor has begun to show his political hand more explicitly, with a recent video addressing a Justice Department investigation into his wife, Jennifer Siebel Newsom.
Original reporting: KTVZ (Central Oregon) — read the source article.
