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.
Gavin Newsom exemplifies what is wrong with the Democratic party.
I don’t want a one time tax on billionaires.
I want an every year tax on billionaires.
I hear you, but don’t let the lack of a perfect solution be the enemy of progress. A one-time tax would still (theoretically) do some good, and not harm anybody. So long as those funds are properly allocated.
Prop 40 has a loop hole where they can tax everyone on assets if ca needs to. I’m against taxing assets in general. Tax actual income 80% for all I care for billionaires but taxing assets is full of legal issues. Who says what something is worth?
security backed loans are not taxed as income, and largely how the class pays for things.
Good for them for figuring out how to gain the system. Eventually they have to pay those loans
Assets gains outpace interest rate on loan. They take out another securities backed loan to pay off first and pay for more stuff. They do this forever.
Don’t care. They need to pay it.
Man, I so hope this kills his political aspirations dead.
“What’re you gonna do about it, vote republican?” - The democratic party
I love how honest we are becoming with each other. Hang up your masks blue maga, you dont need them anymore.
Remember when he was pretending to be a peoples governor?
Gavin Newsom is a clown & lapdog to the Epstein class. His legacy is mud
What a massive piece of shit!
Fuck you Gavin
I couldn’t have said it better.
Newsom is a piece of shit, and our next dem candidate, that most of you will browbeat us into pretending he’s cool. Right before he changes nothing and hands it back to the republicans.
Because he’s the uniparty, he’s of the oligarchy, he is the oligarchy. Fuck this guy.
No fucking way Newsom get put up at this point, even by the corrupt corpo dems
Ha ha, you have a lot to learn about just how much the democratic establishment eats corporate dick. He is the frontrunner, make no mistake.
He could’ve stood up an taken the country in 2024 when we needed it, but he waited his turn, and now it’s his turn.
It’ll be either Newsom or Harris again, because it’s still her turn.
Omfg this ride really never ends does it 🫠
They absolutely will put Newson up for president because he is one of their own.
It’s not red ha blue anymore, it’s corporate dems vs nwo oligarchs.
Oh he will the Democratic party have chosen thier candidate he been the choice for long time. They run primary and Harris be there and they might even run Hillary. Then they sprinkle in some moderates like oh Pete Buttigieg, just to make you think you have choices. If AOC runs then they throe Elizabeth Warren just to make sure it spilts that vote. Regardless Newsome will win the primary and he be a Blue Maga. Look how they already sabotaging their campaigns by abandoning trans people.
He just allowed the Paramount merger after promising not to sell out, and now he’s trying to kill a billionaire tax and make it illegal to try to make one in the future. People see him as the slimy car salesman he is? Even liberals don’t like him. Gavin Newsom is not making it far in 2028 I will tell you that.
Wish you were right but if the Democratic party wants him to be their leader nothing you or I can do about it.
You’re completely delusional if you think Clinton will run in the 2028 primaries.
From your lips to god’s ears
Inshallah
Oh god no, I don’t want newsom, I want pritzker
In 2024 Pritzker would have been great.
Now, we need a non rich asshole, (pritzker is a billionaire, hotel magnate,) and the person for the job, is the UAW Boss, Sean Fain. He can win.
Worse he right of Regan and base on his veto and his guest on his podcast by time the Dems shove him down our throats only difference will be from Trump will be his age. The Democrats love moving futher right every single time.
100% they will make this shithead the next president.
They will run him, braindead liberals will simp for him, he will lose, and they will blame everyone who refused to vote for him.
Democrats will not run a viable candidate because the mask has come off. They’d rather lose and continue cosplaying as opposition than to win and be criticized, the money is coming to their pockets either way.
I won’t vote for him
then go somewhere with ranked choice voting so you aren’t throwing away your vote.
We are talking the federal election for president. There is no place where ranked choice exists for that election
I personally voted in the 2024 presidential election in Alaska And ranked 4 presidents for the instant runnoff election. https://en.wikipedia.org/wiki/2024_United_States_presidential_election_in_Alaska
Throwing away your vote would be voting for establishment dems or repubs. You’re going to gleefully vote for the party that dramatically accelerated the genocide in Gaza?
I car significantly more about my friends than about strangers on the other side of the planet
Of course you do.
What if it’s him or Don Jr.?
Right now? I probably won’t bother voting. If that day comes what would I really do? Couldn’t say. I’m tired though. It’s clear that all our problems come from wealth inequality, so if there are no candidates that take it seriously, then I don’t really have a choice at all. It would probably come down to how federal workers are going to be treated, as there are federal workers in my family, and it’s the thing that directly affects us the most.
Doomed no matter who
Then vote socialist.
Ahh yes, a third party with absolutely no support in the house. They’d get so much done, even in the 5% chance they actually get elected because the system is rigged for two parties.
Don’t get me wrong. Would love a mamdani or even El sayed (sorry if it’s misspelled, going off of memory) to be placed all over every part of our government. More AOC’s and Sanders’. But we need to make the best short term option, not just help guarantee the win of the fascists by withholding votes or put them on a third party with no chance of winning. We’re not ending this shit hole situation in a single election, so better to make progressive change than let the atrocities continue with full support from the entire government.
But we need to make the best short term option
This has been the argument for literally 30 years.
Yes, you’re not fixing this in a single election. So giving up all power by agreeing to vote for a supposed “lesser evil” is giving up the future elections as well as this one - because the centrists don’t even win.
The reason to vote socialist when you lose the primary is not that third parties will win - the system does give a massive advantage to D or R candidates. It’s to record that the centrist Democrats left votes on the table, and exactly how many they did.
This has been the argument for literally 30 years.
Yes, I totally get this, but Harris would have been better than Trump. And if the public put the same effort and pressure on her that they’re putting on trump, it might have actually made some difference. Everything is conjecture though, because it didn’t happen that way.
I hope there’s enough socialist party support in the 2028 primaries to make a difference. If there’s a good candidate, and they get enough of the vote, I’ll probably swing that way. Things are so bad right now, that it may end up swinging public sentiment enough.
And if the public put the same effort and pressure on her
How do you propose to put “effort and pressue” on elected officials if you’re not even willing to deny them your vote?
Remember how everyone was talking about how they were going to push Biden left after 2020? It’s nonsense - your leverage is greatest BEFORE someone is elected, not after.
We need to stop negotiating against ourselves.
How do you ban future laws? Isn’t that a bit like when a 10 year old tells his girlfriend she isn’t allowed to ever ever break up?
Nothing says fiscal policy like taking away your biggest revenue stream.
Newsom is sure as f*ck not working for the voters. He is just a middle management asskisser.
Not American, but this fucker’s a Democrat?
Wow, sorry guys, but you’re fucked. You really do need to press reset and start again.
Democrats are still a right wing party like the UK Conservatives, or Australian Liberals. They only seem left leaning to GOP because they’re even further right, more like UK Reform or Australian One Nation (basically the party that that all the bigots and racists support - in all those cases).
They don’t have a centrist party let alone a left-leaning one
Yeah, we’re seeing this creep towards the right in a lot of places. Often that means a new party on the actual left will grow in popularity - but it seems like America is stuck with a 2 party system. It’s vote for the right or the hard right. Sad times.
Democrats are spineless. They have ZERO spine and roll over to the trumpstein class at the earliest possible moment. Fuck the dems. Fuck the repubs
He’s a California Democrat. In that state, the Republicans are remarkably liberal and the Democrats remarkably conservative.
This is what I keep trying to get across to people outside the US. It’s not how you think it is.
Conservative asshole
Neo-lib asshole. Which is basically the same thing tbf.
Conservatives captured the term “liberalism” for themselves, which is quite tiring.
No, it’s that liberals don’t or refuse to realize that “conservatives” are liberals.
It’s socialism or barbarism, and putting a rainbow flag on your barbarism doesn’t change that.
in theory neoliberals respect your right to have an abortion, marry whoever you want and put whatever you want in your body. the conservatives seem to hat all of that calling it “woke”.
and put whatever you want in your body.
The War on drugs is bipartisan.
