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.
…at the state level, and instead have that tax at the federal level.
That’s an important bit of detail that somehow gets overlooked.
What a massive piece of shit!
Remember when he was pretending to be a peoples governor?
Gavin Newsom is a clown & lapdog to the Epstein class. His legacy is mud
Nothing says fiscal policy like taking away your biggest revenue stream.
The people continue to be treated like rag dolls for the rich. People are such clowns for voting for this system. Split this fucker up. It is time.
Let’s see if Gavin newsom is in the Epstein files
Man, I so hope this kills his political aspirations dead.
He’s the “Diet Republican” brand of Democrat (most Democrats are but especially him), and people have already shown repeatedly that they arent interested in that.
People who want a Republican will vote for the real thing. People who don’t want a Republican will vote for someone else. He’s pandering to a crowd that doesn’t exist in any significant size.
He will be pushed hard by the DNC to avoid having a non-conservative as a presidential candidate.
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?
It’s banned forever!
Or until it is unbanned.
You don’t, you make a bill, pass the bill and it stands as long as no one tries to fight it.
Gavin Newsom exemplifies what is wrong with the Democratic party.
We need to push the DSA to replace these shitty centrist Democrats, just like the tea party replaced the old Republicans. It can be done.
Bingo, he runs with the hare and the hounds and lends credibility to the Republican notion that all dems are deeply corrupted.
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.
They don’t though.
counterstrike vocal stem Enemy spotted.
It’s comical at this point. No way anyone votes for him if he tries to run for president.
You’d be surprised. I thought the same thing about trump 2024. A lot of people only see newsom as a charismatic anti-trump, And don’t actually see or care about his individual decisions or policies. Which, come to think of it, is very similar to how trump made it in.
The truly fucked part of government is the people who you’d want in the position absolutely want no part of the position. Almost everyone in government is in there for the money and the power. If you did manage to get someone in who is altruistic, they would simply be fighting against swarm upon swarm of horrible people, while at the same time refusing to take bribes and make personal deals to be able to advance any form of wealth.
For the most part, we’ve designed our government to only attract self-serving pieces of shit, and the few that aren’t in that camp never make it to the top because of all the other self-serving pieces of shit.
We’re looking at a sack of turds that occasionally does something anti-trump while licking the balls of some other oligarch, vs someone who walks out there talking centrist and campaigns for the right claiming they’re very nice people.
It is entirely possible that the DNC puts him out front instead of AOC, then we’re left with whoever trumps successor is (asuming we ever have actual real elections again), or some democrat right sycophant, or trying to convince everyone in the fucking US to write in a name.
We’re cooked any way the cards fall
Not really cooked any way the cards fall, you as an individual understand that alongside myself. Our knowledge and ability to discuss freely is what will save us. The senate has a good chance soon, we’ll know:
The Democratic candidates for those potential flips:
North Carolina: Roy Cooper
Ohio: Sherrod Brown
Alaska: Mary Peltola
Maine: Troy Jackson
Texas: James Talarico
Iowa: Josh Turek
Kansas: Adam Hamilton
If they let midterms happen without militarizing it and accept the results without fucking with them, we have a chance.
I wish those weren’t ifs
The primaries showed how much pull cable news pundits still have. They just have to tell voters “don’t vote for the policy that helps you and everyone else, the only way to beat republicans is if you imagine a voter who loves republicans dogshit policy and strategically vote for a dem candidate with those policies”
Such a similar name to Gavin Belson from Silicon Valley TV show. Coincidence?
He looks like Patrick Bateman from American Psycho and the personality seems similar.
