SACRAMENTO, Calif., June 27 (Our California Times) — California Gov. Gavin Newsom on Thursday urged voters to reject a billionaire-tax initiative that has qualified for the November ballot, while calling for a federal version of the levy instead.
In a Substack post and accompanying video, Newsom said he would vote no on the state measure and argued the issue should be handled in Washington. He said the fight “belongs at the federal level,” according to his post.
Newsom also said billionaires can move money or residency to states such as Texas or Florida to avoid a state tax. He proposed a broader federal tax overhaul, including a minimum tax on Americans worth more than $100 million and changes to inheritance and corporate tax rules.
The governor had said in a January interview with The New York Times that he intended to stop the initiative and had been working behind the scenes against it.
The ballot fight comes as California voters prepare to decide the measure in November.
