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Newsom's Billionaire Tax Plan
Description
Governor Gavin Newsom is rallying for a national billionaire tax, arguing the ultra-wealthy should pay the same rate as their workers—but he’ll vote no on California’s ballot version, calling it a state-level misstep that ignores schools and services. He’s pushing instead for federal reforms: ending tax-free stock transfers, reinstating corporate taxes, and closing offshore loopholes to stop the rise of an inherited wealth aristocracy. Newsom also unveiled a bold plan for a national public equity fund to invest in AI, funding displaced workers, childcare, free college, and healthcare—aiming to build a fairer, more resilient economy for the AI era.
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