Newsom Billionaire Tax Split

California Gov. Gavin Newsom called for a national “billionaires’ tax” as part of what he described as an “economic reset for America,” positioning himself around a populist economic agenda while he weighs a possible 2028 presidential run. His plan would impose a federal minimum tax on the ultra-wealthy, with some reports noting a threshold above $100 million, and he also floated a public-equity approach to artificial intelligence that would give Americans a stake in AI-generated wealth. The proposal immediately drew scrutiny because Newsom continues to oppose a California ballot measure that would tax billionaires in his own state. Supporters and critics alike cast the move as a political balancing act: embracing national anti-billionaire rhetoric while warning that a state-level tax could drive wealth and investment out of California.