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Gavin Newsom calls for national billionaires tax: 'It's time for an economic reset' - CNBC
Overview
California Gov. Gavin Newsom called for a nationwide tax on billionaires, urging a true minimum tax and measures to close tax-free "lifestyle loan" loopholes as part of an economic reset. He framed the proposal as part of a broader agenda to address inequality ahead of the 2028 cycle. Newsom announced this federal approach while opposing a separate California ballot measure that would impose a one-time 5% billionaire tax, urging residents to reject the state levy because it could drive wealthy residents and businesses out of the state.
Entities
ORGOffice of the Governor of CaliforniaORGCNBCLOCUnited States
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