Newsom’s Billionaire Tax Stance Fuels 2028 White House Doubts
California Governor Gavin Newsom is opposing a proposed tax on billionaires designed to fund healthcare services and schools, which could raise approximately $100 billion over five years. The tax, known as the “2026 Billionaire Tax Act,” would impose a one-time 5% tax on individuals worth over $1 billion, potentially affecting tech leaders like Mark Zuckerberg and Jensen Huang. Newsom’s opposition is a setback for progressives and labor groups supporting the initiative, though its backers, including SEIU United Healthcare Workers West, believe he will ultimately support it. As Newsom eyes a potential 2028 presidential bid, he has received significant campaign contributions from billionaires, and may need to continue to garner support from wealthy donors.
John Q. Hosedrinker