"Gavin Newsom is widely expected to run for president in 2028. But he faces some major problems during his last year as governor of California. He's required to balance his budget. But that's led him to propose some social-spending cuts that have upset progressives and union leaders, particularly when they were compounded by even greater cuts from Trump's Republican Congress. Now these progressives are pushing a ballot initiative to recoup some of that lost money with a 5 percent tax on California's 200 (or so) billionaires."
"This "billionaire tax" has garnered national headlines and a show of resistance from the targeted one-percenters, particularly in Silicon Valley. Google co-founder Larry Page cited the threat as the reason he's moving to Delaware. Other rich tech executives have threatened to follow him, and also to raise heaven and earth (and a lot of money) to defeat the tax at the polls. They've even talked about funding a primary challenge to Silicon Valley representative Ro Khanna (another potential 2028 Democratic presidential candidate) after he made some positive noises about wealth taxes."
Gavin Newsom must close California's budget gap in his final year as governor, prompting proposed social-spending cuts that have angered progressives and unions. Federal reductions from Trump's Republican Congress intensified the fiscal strain. Progressives responded with a ballot initiative to impose a 5 percent tax on roughly 200 California billionaires to recoup lost revenue. Silicon Valley billionaires have threatened relocation, large-scale spending to defeat the measure, and political retaliation against supportive lawmakers. Newsom opposes the billionaire tax, fearing economic and political fallout, and is pursuing negotiations with unions that back the proposal.
Read at Intelligencer
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