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.
… Continues to make generalizations. Says they’re not making generalizations and builds apathy.
I think corporate dems and neo-libs suck too, but comments like yours add nothing.
What do you gain by being divisive?
What does anyone gain by being quiet? I’m not trying to be divisive. I do notice a large amount of people making these same generalizations though, and that builds apathy around voting time.
Libs this, Dems that, “they aren’t leftists”, “there are no leftists in the USA”. It gets old. Besides, who am I dividing when these types are doing so much dividing on their own?
That was a productive response to my question without attributing negative aspects to the original comment/question, I appreciate that. I agree, silence doesn’t help, but unity is also key. Counter points can me made while being constructive, as you’ve demonstrated.
You’re right, I made a mean statement in my original reply.
I used to make more inclusive comments, but I’ve also received immediate negative feedback and it’s made me jaded on politics discussions.
I appreciate your comments and I’ll take time to recenter myself in future discussions.
Nice!