California Gov. Gavin Newsom, who has voiced his opposition to a proposed California billionaires’ tax multiple times, on June 26 proposed a federal billionaires’ tax, under which anyone with a net worth of more than $100 million would be subject to a minimum tax rate.
Newsom, who is considering a 2028 presidential run, said he also wants to make it illegal for the wealthy to borrow against their stock portfolios and called the practice out as a “tax-free lifestyle loan” in which the ultra-wealthy report no taxable income while their assets appreciate and are passed on to their children.
“The wealthy have their own private tax code full of loopholes and exemptions that most people have never heard of, and they’re counting on politicians in Washington to maintain it and keep quiet,” he wrote on his Substack. “But this system can be undone.”…
After Opposing California Billionaires’ Tax, Newsom Calls for Federal Billionaires’ Tax
