Newsom begs Californians to vote 'no' on billionaire's tax in face of mass exodus, pitches nationwide tax hike
Governor Gavin Newson is urging Californians to vote against a proposed one‑time 5% billionaire tax that would apply to residents with assets over $1 billion. He argues the measure could prompt wealthy individuals and businesses to leave the state and advocates for a federal-level billionaire tax instead. The tax proposal, backed by groups such as Billionaire Tax Now and endorsed by Senator Bernie Sanders, has been placed on the November ballot despite legal challenges.
- ▪The California Billionaire Tax Act would impose a one‑time 5% levy on individuals with assets exceeding $1 billion, retroactively effective from January 1, 2026.
- ▪Governor Newsom, a potential Democratic presidential contender, publicly opposes the tax, warning it could accelerate the outflow of billionaires to states like Texas and Florida.
- ▪The measure has been added to the November ballot by its sponsor, Billionaire Tax Now, and is supported by Senator Bernie Sanders, while facing questions about its legality.
- ▪Newsom has called for a nationwide billionaire tax, stating that the issue should be addressed at the federal level rather than by individual states.
- ▪Critics cite recent departures of high‑profile tech founders such as Elon Musk, Larry Page, and Larry Ellison as evidence of California’s ongoing wealth exodus.
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Gavin Newsom Newsom begs Californians to vote 'no' on billionaire's tax in face of mass exodus, pitches nationwide tax hike The governor called for a national billionaire tax instead, saying the fight 'belongs at the federal level' By Peter Pinedo Fox News Published June 26, 2026 1:26pm EDT Facebook Twitter Threads Flipboard Comments Print Email Add Fox News on Google close Video CA billionaire tax faces legal challenge, Newsom opposes it FOX Business Host Cheryl Casone reports on California's controversial billionaire tax, a one-time 5% levy on residents worth over $1 billion. This measure, which would retroactively apply from January 1, 2026, is opposed by Gov. Gavin Newsom. Critics question its legality and potential for billionaires to exit the state.
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