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.

(page 5) 50 comments
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[–] SabinStargem@lemmy.today 4 points 2 days ago

Never forget, Newsom isn't much different from the other political critters that are corroding America. Just because he isn't the worst, doesn't mean he ain't bad.

[–] Ryanmiller70@lemmy.zip 7 points 2 days ago

So I guess the Dems can try again in 2032

[–] UltraMagnus0001@lemmy.world 3 points 2 days ago

To get billionaire donors

[–] troglodytis@lemmy.world 3 points 2 days ago (1 children)

Gavin Newsom backs measure to kill the billionaire. Tax and ban future wealth.

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[–] halfapage@lemmy.world 5 points 2 days ago

he wants to become the goodest of bois for them

[–] dan1101@lemmy.world 6 points 2 days ago

He's good for trash talking trump. But otherwise, not as good.

And people were cheering this clown for a potential presidential candidate because he threw shade back at trump. Just another Fetterman.

[–] Eh_I@lemmy.world 6 points 2 days ago

Don Jr will play Gavin in the Skydunce movie.

[–] rockSlayer@lemmy.blahaj.zone 5 points 2 days ago

Interesting how he was saying before that he didn't support it because it didn't go far enough

[–] Gates9@sh.itjust.works 3 points 2 days ago
[–] BillCheddar@lemmy.world 0 points 1 day ago

...at the state level, and instead have that tax at the federal level.

That's an important bit of detail that somehow gets overlooked.

[–] PedroMaldonado@lemmy.world 3 points 2 days ago (1 children)
[–] culprit@lemmy.ml 3 points 2 days ago

So completely shocking /s

[–] butwhyishischinabook@anarchist.nexus 3 points 2 days ago* (last edited 2 days ago)

I don't know many other people that look like exactly the type of villain they are.

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