Source: SFGate
“Gov. Gavin Newsom just got behind a ballot initiative that, if passed, would act as a kill switch for Proposition 40, also known as the billionaire wealth tax. The governor’s endorsement comes as the November election is weeks away and the billionaire tax continues to splinter the Democratic Party. Newsom endorsed Proposition 42, a ballot measure bankrolled by ultrawealthy donors such as billionaire and Google co-founder Sergey Brin, on Friday, writing in a statement that it will protect ‘blue-collar unions’ and other workers’ savings from new state taxes. ‘We all agree that Californians deserve to have their retirement and life savings protected from new state taxes so those savings are there when they need them,’ Newsom said in his statement provided by the Prop. 42 campaign. The ballot measure would block new taxes on assets like stocks and other financial property while also banning retroactive taxes, like the proposed billionaire tax.” (10/13/26)
https://www.sfgate.com/politics/article/newsom-opposes-billionaire-tax-22473800.php