this post was submitted on 10 Oct 2026
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Not only has Gov. Gavin Newsom vocally opposed the proposed California billionaire tax, but he also wants to prevent the state from ever passing a wealth tax in the future.

On Friday he endorsed Proposition 42, a ballot measure that would cancel out Proposition 40, the proposed billionaire tax. Prop. 42 would prohibit retroactive taxes like the one-time 5% tax on assets that would apply to any billionaire who lived in California on Jan. 1, 2026 if Prop. 40 passes.

But Prop. 42, funded and placed on the ballot by billionaire and Google co-founder Sergey Brin to defeat the billionaire tax, also would go further, by banning any new taxes on personal property.

That includes pensions and 401K accounts before retirees start drawing retirement income from them. It also includes other investments, financial assets, business holdings, art collections and all other forms of personal wealth that would be affected by the billionaire tax or any future wealth tax.

Newsom’s decision to support Prop. 42 runs counter to his own Democratic Party and some labor unions. It also aligns him with some of the wealthy tech donors with whom he’s maintained longstanding relationships dating back to his days as mayor of San Francisco.

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[–] NocturnalMorning@lemmy.world 24 points 2 days ago (8 children)

God, fuck this guy with a fucking pineapple. Why can't we get candidates who aren't pieces of shit?

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[–] glassy_boi@lemmy.zip 37 points 2 days ago (1 children)
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[–] BigMacHole@thelemmy.club 21 points 2 days ago (1 children)

You MUST vote for Him is we Make him the Presidential Nominee otherwise you HATE America!

-Democrats CAMPAIGNING for Republicans in the Midterms!

Fucking telling me, this is likely their front man at this time and he's about as Republican as they come.

[–] Radical_Socialist_t00t@lemmy.ca 10 points 2 days ago

Yeah he's just another hypocrit, everybody with half a brain already knew that.

[–] Burn_The_Right@lemmy.today 17 points 2 days ago (2 children)

Newsom is an evil, conservative sack of cockroaches wearing a wig.

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[–] Gpennyhigh@lemmy.world 17 points 2 days ago* (last edited 2 days ago) (1 children)

I already didn't like his policies if he runs for president, and need someone much better to win the primary.

[–] explodicle@sh.itjust.works 20 points 2 days ago

He's clearly showing his allegiance. Any party that nominates this guy is not on our side.

[–] orioler25@lemmy.world 29 points 2 days ago (16 children)

Can't wait to be called a Stalinist Yankee tankie in two years for saying he's not a respectable person.

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[–] dektep@lemmy.world 29 points 2 days ago (5 children)

kompromat, controlled opposition, or just another scumbag?

[–] UpAndAtThem@lemmy.world 41 points 2 days ago (1 children)

Scumbag. Just look at the haircut, and who he's been close with in his life. Dude is epstein class through and through.

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[–] ayyy@sh.itjust.works 5 points 1 day ago* (last edited 1 day ago) (4 children)

BlUe nO mAtTeR wHo. Otherwise you’re a Nazi.

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[–] nanometer1625@thelemmy.club 17 points 2 days ago* (last edited 2 days ago) (2 children)

Bad choice, Newsom, especially considering we already have some wealth taxes, like the tax on real estate wealth. It's not like wealth taxes are unprecedented. At least he's not running again.

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[–] theacharnian@lemmy.ca 5 points 1 day ago

What exactly do you expect from Kimberly Guilfoyle's ex?

[–] some_guy@lemmy.sdf.org 6 points 2 days ago

I'm so proud that we're led by a cool guy who doesn't give a fuck about us. Yay California.

State workers are about to strike in a couple of weeks. Even cooler.

[–] Weydemeyer@lemmy.ml 15 points 2 days ago (1 children)

The proposition for a one-time tax on billionaires, while I hope it does pass, is not the most important prop in this regard. If for no reason other than it’s just a one-time tax. The counter-proposition to ban taxes on “personal property” i.e. wealth is far more impactful long term. We should be taxing wealth and not income. If that prop passes, California will never be able to tax wealth. And frankly I’m worried it will, because Americans just have this reflexive “taxes bad” ideology and will vote for it thinking it means the state will never be able to tax the $15k they have sitting in their Roth IRA or whatever.

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