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Gavin Newsom backs measure to kill the billionaire tax and ban future wealth taxes (calmatters.org)
submitted 1 month ago by to c/politics@lemmy.world
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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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[–] 1 point 4 weeks ago (5 children)

Can you really look around at our current reality: an executive branch shamelessly enriching themselves, a Congress that has ceded all power, a SCOTUS that has enshrined corruption and abuse of power, military and paramilitary in the streets, etc., and think, “well who knows if Harris would have been worse?”

We had all this shit in 2024. We had all this shit in 2004.

Liberals have an opportunity to clean up politics through prosecution and legislative reforms. They control numerous big wealthy states. They have oodles of cash and a wide network of friendly business interests.

What would have happened under a Harris Presidency with a Republican Congress? Same shit we got in 2011. Debt crisis. Economic slowdown. More wars. Business bailouts. Hordes of angry racist voters blaming women and minorities for all their problems. An incompetent boob in the White House poisoning the country against everything they stand for.

This shit is objectively worse

Worse than what? We've been sliding downhill since 2001. Every year is worse than the last, with vanishingly few exceptions.

This isn't a problem of a single person making a handful of bad decisions. It's endemic to the entirely national leadership, from city councillors to SCOTUS judges.

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  • [–] 1 point 4 weeks ago (4 children)

    You're delusional.

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  • [–] 1 point 4 weeks ago (3 children)

    Go run Hillary again and find out.

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  • [–] 1 point 3 weeks ago (2 children)

    The nominee is picked in a primary. Hillary won. Quit acting like your democracy is forced on you. It's not.

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