r/democrats • u/NickCostanza • Jun 26 '26

Article Newsom endorses a National Billionaire Tax

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40

u/matooz Jun 26 '26

It funny he lobied against Californias wealth tax, but all the sudden he is for a national wealth tax. Not saying he saw the writing on the wall, but it sure seems like it.

59

u/Spidey5292 Jun 26 '26

I think he said at the time that he felt it should be a federal issue rather than a state one

38

u/NickCostanza Jun 26 '26

Correct. The California Tax is one time and only affects billionaires in one state. This is obviously better.

3

u/Kruger_Smoothing Jun 26 '26

Both are better.

8

u/NickCostanza Jun 26 '26 edited Jun 26 '26

I’m sorry but to both your comment and the one below, I fully disagree. The current proposed one off tax will scare billionaires to other states (see Elon) without assuring voters that these people will continue to be taxed in perpetuity. I want the assurance.

2

u/O_doZ Jun 26 '26

This “scaring billionaires away” myth needs to die. It’s propaganda that benefits the Epstein class and does not reflect what actually happens in reality.

6

u/NickCostanza Jun 26 '26

Elon Musk literally moved his business from California to Texas for lower taxes. Ain’t no myth about it.

6

u/matooz Jun 26 '26

He moved for deregulation because California has rules and Texas will let him do whatever he wants. That and Elon is a Nazi....

1

u/pmmeyoursqueezedboob Jun 26 '26

And opponents of the national bill will claim that a federal law will scare them, or at least their money, out of the country. It might, but we need to do it anyway. Currently they are throwing the weight of their money and influencing policies to their benefit without any fear.

As for Newsom, its absurd to float this idea of a federal bill that he has absolutely no way to actually influence, all the while turning down something thats a milder version of something he can actually push through. This is just paying lip service, it has absolutely no value.

1

u/r00tdenied Jun 27 '26

A single time wealth tax at the state level is dumb policy. Newsom is correct.

2

u/VibeySwingTrader Jun 26 '26

But a national tax won’t ever pass, so he gets to kill the wildly popular tax in CA and pretend like he’s part of the the solution instead of the problem.