Gavin Newsom calls for national billionaires tax: ‘Economic reset’

California Gov. Gavin Newsom, widely seen as a 2028 presidential candidate, on Friday called for a nationwide tax on billionaires as part of a broader agenda to usher in what he calls an “economic reset for America.”

Democrat governor, Substack post and accompanying video Posting on social media, he supported increasing taxes on the nation’s richest but reiterated his opposition to the state-level wealth tax that Californians will vote on in November.

The next presidential election is more than two years away, but a speculative list of names for both major parties has already emerged; Newsom is at the top of the Democratic ticket.

The 58-year-old, whose term-limited term as governor ends in early 2027, has already acknowledged that he is considering a bid for the White House. He did so earlier this month by accusing President Donald Trump of giving the order. Ministry of Justice to investigate himself and his wife “because I’m thinking of running for president.”

Newsom’s early rollout of a possible finance-focused campaign platform comes amid a wave of opposition, including Rep. Ro Khanna, D-Calif., who is flirting with a run for the highest U.S. office. It’s a reflection of proposals previously put forward by other Democrats, such as

Newsom framed his economic message around a broad coalition of working Americans who are disadvantaged by a system that unfairly tilts the wealthy.

“They did everything right and there is still nothing in the system for them,” the governor wrote in his Friday post. “What stands in their way is the federal tax code, the corporate code, and an inheritance code written for different Americans.”

Newsom says he supports “a real minimum tax for billionaires — a modern tax” Buffett Rule — this ensures that the people at the top pay at least the tax rate that their workers pay.” Legendary investor Warren Buffett has advocated for wealth redistribution.

He also called for shutting down various tax privileges and benefits that give the ultra-wealthy “their own special tax code full of loopholes and exemptions most people have never even heard of.”

This includes ending what he calls the “tax-free lifestyle loan,” a controversial tactic sometimes known as “buy, borrow, die,” in which people borrow money against stocks and other large assets to reduce their taxable income.

Some of the richest people in the world accused of abuse strategy. Amazon founder Jeff Bezos recently told CNBC that if it’s a “real loophole,” it needs to be closed.

Newsom also called for rewriting inheritance rules and returning corporate tax rates to pre-2017 levels, before the massive tax cut legislation Trump signed during his first term as president.

And Newsom has proposed creating a “national public equity fund” to help “ensure every American has a stake in the future built by AI.”

But he maintained his opposition to the billionaires’ tax proposal, which will be voted on in his state later this year, with a ballot proposal.

A California-specific tax, a one-time 5% levy on billionaires’ total wealth, is headed to a vote after the health care workers’ union refused to withdraw the measure by Thursday.

Newsom and other critics say the state’s proposal would divert wealth away from California and that revenue from it would not be used to fund key priorities.

“The fight to make the wealthiest Americans pay more taxes is not a fight we need to fight state by state,” Newsom wrote. “You may not be able to move to Texas or Florida to shelter your income from taxes, but I promise you billionaires can and do.”