Governor Newsom's different stands on billionaire tax

Deep State Tribunal -   Governor Gavin Newsom called for a federal “true minimum tax on billionaires,” saying the richest should at least pay the same tax rate as their workers. He set a threshold at $100 million in wealth. He also urged restoring corporate rates to pre-2017 levels and closing a practice where the wealthy borrow against stock portfolios without triggering taxes on gains. He paired this with a push to tighten inheritance rules to curb what he called a looming aristocracy.

…. Newsom opposes a California ballot initiative that would charge a one-time 5% tax on residents with over $1 billion in net worth, payable starting in 2027. The state’s nonpartisan review says the measure could raise tens of billions but might cut future income tax revenue if high earners leave. Newsom argues a national approach is harder to dodge than a state tax. That stance invites charges of mixed messages and political maneuvering from critics on both sides.  Newsom has warned that some billionaires already left California over the proposal, taking tax payments with them.