After losing one billionaire tax battle, Gavin Newsom prepares to wage another

California’s governor, who is considering a White House run, proposed an expansive national wealth tax, as well as an initiative to give Americans a stake in AI.

After failing to block from the ballot a measure that would enact a billionaire tax in his state, California Gov. Gavin Newsom is now proposing a national wealth tax of his own.

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In a lengthy Substack post and video released Friday morning, Newsom — who opposes a proposed one-time levy in his own state as he mulls a 2028 presidential run — said he instead supported a more expansive plan.

His proposal would create a minimum tax on billionaires and a national public equity fund whereby Americans would own a stake in the artificial intelligence industry, as well as close tax loopholes for the ultra-wealthy. Newsom’s proposal would require billionaires and those with a net worth of at least $100 million to pay a minimum tax.