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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[–] 2 points 19 hours ago

Doubt it. They’ll try, but they want need to win if they want to keep their cushy jobs with their cushy taxpayer funded homes and healthcare, and it’s obvious as fuck the public tide is turning.

If Newsom wants to cling to his old-school anti progressive bullshit, he’s going to find that won’t work for long. People are getting angry enough to begin paying attention, and establishment dinosaurs will find they’re about to go extinct.

We’ve seen this trend before, and it’s obvious where this is going.

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