California Governor Newsom Urges 'No' Vote on State Billionaire Tax Amid Exodus Concerns, Advocates for National Levy
Despite a proposed 5% 'emergency' wealth tax officially making the November ballot, Governor Gavin Newsom is actively campaigning against it, citing fears of further business and capital flight from California.
Politics·
California Democratic Governor Gavin Newsom is confronting a significant policy challenge as a substantial wealth tax, which he has publicly warned could trigger an outflow of affluent individuals and businesses from the state, has officially secured a spot on the November ballot.
Despite the governor's strong opposition, the measure's proponent, Billionaire Tax Now, confirmed on Thursday that the initiative will be presented to state voters. Known as the California Billionaire Tax Act, the proposal seeks to impose a singular,
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