From The San Francisco Standard · · 1m
Newsom Faces Billionaire Tax No-Win
Gavin Newsom’s billionaire tax stance risks political backlash if Prop 40 fails or passes.
In brief
Gavin Newsom’s billionaire tax stance risks political backlash if Prop 40 fails or passes. Gavin Newsom faces political backlash from progressives if California’s billionaire tax fails, or voter rejection if it passes. Originally reported by The San Francisco Standard.
Newsom Opposes Billionaire Tax
Governor Gavin Newsom has spent months fighting California’s proposed billionaire tax.
Prop 40 Could Backfire
If Prop 40 passes, Newsom loses voter support on economic policy for 2028 presidential campaign.
Progressives Target Newsom
Progressives and labor groups blame Newsom for killing Prop 40, calling him a billionaire ally.
“So why [has] presidential hopeful Gavin Newsom betrayed his own supporters by trying to sabotage the billionaire tax?”
Newsom’s Defense
Newsom claims Prop 40 would drive billionaires to leave California, harming innovation and state budget.
“Wealth is movable, and it shops for the state with the lowest taxes”
Prop 40 Polling
46% of likely voters support Prop 40, 52% oppose it, with 2% undecided in a recent poll.
Opponents’ Countermeasures
Prop 42 and Prop 41, two countermeasures, complicate Prop 40’s outcome for voters.
Newsom’s Stance
Newsom advocates for a national wealth tax instead of state-level billionaire tax measures.
The bottom line
Gavin Newsom faces political backlash from progressives if California’s billionaire tax fails, or voter rejection if it passes.
