"California Gov. Gavin Newsom, considered by some to be the frontrunner to be the next Democratic presidential nominee, said during a panel on Wednesday that he wants his party to be a "big tent" that welcomes large numbers of people into the fold. But he's "adamantly against" one of the most popular proposals Democrats have to offer: a wealth tax."
"They described the measure as an "emergency billionaires tax" aimed at recouping the tens of billions of dollars that will be stripped from California's 15 million Medicaid recipients over the next five years, after Republicans enacted historic cuts to the program in July with President Donald Trump's One Big Beautiful Bill Act, which dramatically reduced taxes for the wealthiest Americans."
California Governor Gavin Newsom favors a big-tent Democratic Party and opposes a proposed wealth tax. Progressive economists Emmanuel Saez and Robert Reich, together with SEIU United Healthcare Workers West, proposed placing the nation’s first wealth tax on the California ballot in November 2026. The proposal calls for a one-time 5% tax on billionaire net worth, estimated to raise $100 billion. About 90% of revenues would restore Medicaid funding lost after Republican-backed federal cuts in July under President Trump's One Big Beautiful Bill Act, with the remainder funding K-12 education. Approximately 200 California billionaires saw average annual income growth of 7.5% versus 1.5% for median residents.
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