Newsom endorses Prop 42 to kill California billionaire tax, ban future wealth taxes
Governor backs measure funded by Google co-founder Sergey Brin, drawing fire from labor unions and progressives.
What to know
- Newsom endorsed Proposition 42, which would cancel the proposed 5% billionaire tax and permanently ban all future wealth taxes on personal property.
- The endorsement splits Newsom from his own Democratic Party and labor unions, who argue he is siding with billionaire donors over healthcare funding.
- Proposition 42 is funded by Google co-founder Sergey Brin and would ban taxes on pensions, 401Ks, investments, and all other personal wealth.
- Newsom has consistently opposed wealth taxes during his governorship, citing concerns that the wealthy will leave the state and reduce income tax revenue.
The dispute Whether Prop 42's protection of retirement accounts justifies banning all wealth taxes, or whether the measure is primarily a mechanism for billionaires to avoid taxation at the expense of public healthcare. · positions read across 26 posts and comments
Newsom is siding with billionaire backers and sacrificing healthcare funding for low-income families.
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“Gov. Gavin Newsom disappointed people again when he supported a California ballot measure that would prevent future increased taxes on rich people in California.”
RonSupportsYou · Mastodon ↗
“Proponents of the tax criticized his Prop. 42 endorsement as "in lock step with his billionaire backers."”
Tax proponents, Billionaire tax advocates · CalMatters ↗ · Oct 8
Gavin Newsom California Governor
Sergey Brin Google co-founder, Prop 42 funderDebru Carthan SEIU-United Healthcare Workers West vice presidentService Employees International Union Labor union
How it unfolded 0 developments, newest first · click a bar or a number to jump
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background
Labor unions condemn Newsom's endorsement as backing billionaires over healthcare — Service Employees International Union criticized Newsom's Prop 42 support as alignment with billionaire donors, arguing it prioritizes wealth protection over healthcare funding for low-income families.
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background
Newsom endorses Prop 42 to defeat billionaire tax and ban future wealth taxes — Gov. Newsom announced support for Proposition 42, a ballot measure funded by Google co-founder Sergey Brin that would cancel the proposed 5% billionaire tax (Prop. 40) and prohibit all future taxes on personal property, including pensions, 401K accounts, investments, business holdings, and art collections.
What people are saying 24 voices from 3 sites · best of 26 · verbatim
- Today
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What he wants is billionaire donations to his presidential campaign. He knows a nationwide wealth tax isn't going to happen and so he's kicking the can towards an imaginary goal. He'll do everything he can to block this tax if it passes, is my guess.
- Yesterday
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Why the fk is Gavin opposing it though? If those billionaires want to move their business out one of the most popular areas to do business, let them be. Rather have 1000 millionaires than 1 billionaire as Abdul El-Sayed said.
- Oct 13
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You have no say in the type of work, the deadlines, or even if you have a job tomorrow. Sure I do. Anyone stopping me from looking for a different job? Any reason I cannot move into a different team or ask my manager for work I enjoy more? It isn't maximal control but, then again, neither is my commitment to the company. You have no real power in…
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Gavin Newsom is the enemy. "Gavin Newsom just got behind a ballot initiative that, if passed, would act as a kill switch for Proposition 40, also known as the billionaire wealth tax." https://www. sfgate.com/politics/article/ne wsom-opposes-billionaire-tax-22473800.php
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M
Sane # Democrats know a high # tax RATE actually STIMULATES the # economy by granting EXEMPTIONS in exchange for Raises, Job Creation, and Investment. # TaxCuts in exchange for NOTHING has proven to be an economic loser. The fact # Newsom doesn't know this makes him unqualified for higher office. 😒 https://www. commondreams.org/news/newsom-f…
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I just googled and it's deeply debated. Seems like there's no clear answer on that. Would probably be a SCOTUS thing, which is... Fun....
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Also needs to be structured in such a way so it is not just a one time tax. That is basically a worthless policy.
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Ro Khanna gave the best argument you could make against the billionaire wealth tax by suggesting start-up founders can just borrow money from the government using their shares as collateral to pay the tax. Thats who it really hurts.
- Oct 12
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yet another reason this clown should never be POTUS https:// calmatters.org/politics/2026/1 0/newsom-tax-propositions-november-election/
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As I said, you just demand fealty. You don't ACTUALLY care if they vote against Trump, you demand they vote for YOUR chosen diet fascist
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Actually, I’m assuming Republicans don’t care at all. It’s not about feelings, it’s about whether they have the money to fuel what they are doing. They won’t have it. It’s basically a car that runs out of gas. You can’t overcome that without gas. The trajectory they have us on is unsustainable.
- Oct 11
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# GavinNewsom is not our friend, part 72,609: https://www. commondreams.org/news/newsom-f uture-wealth-tax?utm_source=Common+Dreams&utm_campaign=baf5819625-Top+News+%7C+Thu.+8%2F13%2F26_COPY_01&utm_medium=email&utm_term=0_-998917937b-600541243&mc_cid=baf5819625&mc_eid=3744b650a3
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If he had proposed an alternative state level tax, that would be one thing. But this cones across as some Schumer or Jeffries type bs. Newsome seems to be just another corporate Democrat.
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If you've wondered how so many working-class people were duped into believing that Trump, with his long history of anti-worker, pro-business stances, would somehow magically support their interests, you can see the same dynamic unfolding again, right now, with support for Gavin Newsom by so many libs, unions, & other folks who ought to know…
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Newsom rejecting the billionaire wealth tax is one thing. Supporting the billionaires' poison pill alternative which would ban taxes on assets permanently, end any chance to fix stepped-up basis, & could be used by an enterprising lawyer to invalidate vehicle fee or other tax changes is another. Newsom Backs Measure That Coul...
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Just to bring some framework to the discussion. We all know there are (call it) 3,000 billionaire$ worldwide. However, there are around 200,000 people worldwide (including the billionaire$) who are "ultra wealthy", that is to say, people whose net worth is $30mil+. To put that into perspective, of the top 10 largest sports stadiums in the world…
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WSJ: Newsom Backs Measure That Could Invalidate Billionaire Tax California Governor Gavin Newsom has long opposed a high-profile ballot measure that would tax billionaires’ wealth. Now he is endorsing a different measure aimed at prohibiting wealth taxes.
- Oct 10
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You mean the other guy Newsom had on his podcast right after Charlie Kirk? Did Bernie invite him to that event about AI safeguards that you're referring to?
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Prop 40 is the billionaire tax. Newsom's endorsement of Prop 42 is in opposition to the billionaire tax. https:// calmatters.org/politics/2026/1 0/newsom-tax-propositions-november-election/
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Gavin Newsom is selling out # CA to # billionaires in exchange for monetary support for his run for President in 2028. But I don't know if there's a better candidate. ✅ # GavinNewsom backs measure to kill the billionaire tax and ban future wealth taxes | LAist https:// laist.com/news/climate-environ ment/gavin-newsom-backs-prop-42
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He won't be winning the primary if I can do anything about it. Dude has massively fucked over the 100,000 California state government workers with this pointlessly misguided, and archaic "return to office" order at a time of astronomically high cost of living.
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Fair? How is it not fair? We have 750,000 homeless people living in the streets. We have 35 million Americans who live in poverty. You make a BILLION dollar. After getting taxed 90% you still have 100 million dollars. You can make a billion dollars in a decade. What the 90% rate does is eliminate people like Musk and Bezos who doubled their net…
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Asking people to pay more in taxes than millions of families will pay in generations is pretty extreme
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Gov. Gavin Newsom disappointed people again when he supported a California ballot measure that would prevent future increased taxes on rich people in California: https:// calmatters.org/politics/2026/1 0/newsom-tax-propositions-november-election/ “He’d rather millions of children and families lose their healthcare than ask a couple hundred…