California Gov. Gavin Newsom called for a nationwide tax on billionaires as part of a broader “economic reset for America.”

Newsom, who is considered to be a 2028 presidential contender, also reiterated his opposition to a state-level wealth tax that Californians will vote on in November.

He also called for creating a “national public equity fund” to help “ensure every American owns a stake in the future being built by AI.”