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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[–] 12 points 8 hours ago (2 children)

You obviously haven’t been on Lemmy for too long. Anyone disagreeing with the “blue no matter who” rhetoric on here gets called a tankie.

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  • [–] 0 points 6 hours ago

    My lemmy.world account will be 4 years old this June. I've been active since then pretty regularly.

    Generally it's the people who are against Blue no matter who that are the ones that do the name calling. There's one down below even. But I'm not going to deny it goes a little bit both ways.

    Slogans by the very nature cannot be nuanced manifestos. They must be short, punchy, and easy to remember. But till November 4th, we are in the general. You are just gonna have to accept it. I'd rather have DSA all day, every day too. But they don't even run here.

    But yall need to understand. You might have the privilege of being able to vote for a third party without hurting a national/state Democrats chances of winning your state. But plenty of places have issues with even having a second party running in elections let alone someone other than Democrats. If you don't atack others for taking advantage of the only viable choices they have. Waving Your Privilege in their face. They won't attack you for your privilege. Let's work together to get the best viable options to improve the material conditions of everyone. Agreed?

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