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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[–] 17 points 18 hours ago (1 child)

Oh so he's making his pivot to UltraFascism now. Coooooooooooooooooooooooooooooooooooool.

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  • [–] 6 points 12 hours ago* (last edited 11 hours ago)

    Now? No lol he’s been fascist light for a long time. He just vetoed a bill that would have given native Americans water rights on the kalamath river. He vetoed a bill that would have kept private equity out of primary care. He created an Anti-semitism task force to hunt down teachers who teach correct history about Israel or lead protests. He vetoes all the progressive legislation that passes. My favorite is his little podcast that apparently he has time to do while acting as governor on which he talks to fascists like Bannon, Ben Shapiro and Charlie Kirk and sides with them

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