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.
I’m really hating this trend of passing laws to prevent any future regulations of things.
Like the 10 years “you can’t touch AI” with your laws proposal.
I already didn’t like his policies if he runs for president, and need someone much better to win the primary.
He’s clearly showing his allegiance. Any party that nominates this guy is not on our side.
Everything they do helps the wealthy become more wealthy and the poor become more poor.
Goddammit, Gavin…!
What a bitch.
Newsom is an evil, conservative sack of cockroaches wearing a wig.
“vote blue no matter who” they say….
I don’t know many other people that look like exactly the type of villain they are.
God, fuck this guy with a fucking pineapple. Why can’t we get candidates who aren’t pieces of shit?
Because everything is about money.
But it’s not. You can’t eat money, you can’t bring back an uninhabitable planet once you destroy it for pieces of paper. The things that are important, aren’t the things we are focusing on because we are a stupid species that’s going to destroy ourselves. And it will be peak irony.
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.
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.
He’ll be running for president if we have elections in 2028.
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.
Financial obesity is neurotoxic, an existential threat to any society that tolerates it, and needs to cease being celebrated, rewarded, and positioned as an aspirational goal.
Corporations are the only ‘persons’ which should be subjected to capital punishment, but trillionaires should be forced to transition into billionaires, and billionaires should be euthanised through taxation.
This monetary obesity is due to shareholder externalized ownership. Since people who aren’t stakeholders can own the capital of a firm, all the responsibility and externalities are externalized from them. We need direct stakeholder ownership. Anyone who is a worker, consumer, and environmentally impacted by a firm needs to have shared ownership over its operations at whatever level need. We need coöperative ownership. We need a coöp commonwealth!
We need both, these are complementary and compounding ideas. Tolerating a coöp, or its constituent members, hoarding of wealth would lead to similar perversion of social power dynamics.
he wants to become the goodest of bois for them
Newsom is a piece of shit, and our next dem candidate, that most of you will browbeat us into pretending he’s cool. Right before he changes nothing and hands it back to the republicans.
Because he’s the uniparty, he’s of the oligarchy, he is the oligarchy. Fuck this guy.
Worse he right of Regan and base on his veto and his guest on his podcast by time the Dems shove him down our throats only difference will be from Trump will be his age. The Democrats love moving futher right every single time.
No fucking way Newsom get put up at this point, even by the corrupt corpo dems
Oh he will the Democratic party have chosen thier candidate he been the choice for long time. They run primary and Harris be there and they might even run Hillary. Then they sprinkle in some moderates like oh Pete Buttigieg, just to make you think you have choices. If AOC runs then they throe Elizabeth Warren just to make sure it spilts that vote. Regardless Newsome will win the primary and he be a Blue Maga. Look how they already sabotaging their campaigns by abandoning trans people.
You’re completely delusional if you think Clinton will run in the 2028 primaries.
Ha ha, you have a lot to learn about just how much the democratic establishment eats corporate dick. He is the frontrunner, make no mistake.
He could’ve stood up an taken the country in 2024 when we needed it, but he waited his turn, and now it’s his turn.
It’ll be either Newsom or Harris again, because it’s still her turn.
Omfg this ride really never ends does it 🫠
They absolutely will put Newson up for president because he is one of their own.
It’s not red ha blue anymore, it’s corporate dems vs nwo oligarchs.
From your lips to god’s ears
Oh god no, I don’t want newsom, I want pritzker
In 2024 Pritzker would have been great.
Now, we need a non rich asshole, (pritzker is a billionaire, hotel magnate,) and the person for the job, is the UAW Boss, Sean Fain. He can win.
