And it gets even better...
"It's time for a national billionaire's tax and a new social contract. Think about this, just 10% of people, 10% of people in this country own two-thirds of the wealth," Newsom said in a video posted to X. "A 30-year-old, for the first time in American history, is not doing better than his or her parents. That's a five-alarm fire."
The governor is planting his flag on this issue as the Democratic Party convulses to redefine itself. Left-wing candidates are ascendant because the base is clamoring for genuinely progressive policies. Zohran Mamdani is leading the charge on this leftward shift and the recent successes of his endorsed candidates in the New York primaries is proof positive that voters are responding. Democratic Socialism is no longer a scary phrase.
We can either retreat into the same centrist ideology that allowed Trump to seize the White House not only once but twice, or we can embrace a more equitable vision of the future and start fighting for the working class. Republicans will call us "communists" but they do that anyway. Ignore the labels they sling and focus on winning elections with populist policy proposals.
“The system America’s founders built was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades,” Newsom stated. “We can reverse it together, as a country.”
He's calling for an "economic reset for America," demonstrating that he's willing to listen to voters clamoring for change as he considers a 2028 presidential campaign.
And the he American people are clearly furious with the status quo...
We are being forced to watch as sociopaths like Elon Musk (who is a trillionaire now) gobble up more and more wealth while working class families struggle to afford rent, basic groceries, and healthcare. Income inequality at these extreme levels is unsustainable.
Newsom's proposal would institute a minimum tax on anyone with a net worth above $100 million so that they pay, at the very least, the same rate as an average American worker. Under our current skewed tax system, some of them pay lower rates than people far poorer than them.
The governor also warned that the plutocratic inheritance laws currently on the books could "lock in a permanent American aristocracy of inherited wealth" if nothing is done.
The governor pointed specifically to the rise of artificial intelligence to bolster his proposal. He said that the new technology will dramatically reshape our economic system and so a “national public equity fund” should be distributed to every American, rather than simply allowing the tech lords and corporations to hoard even more wealth and power. That money could be used to help displaced workers, provide childcare, education, and healthcare.
"We're nearing the 250th anniversary of this country's revolution. The system the American founders built, well, was designed to prevent the concentration of power in a few hands," said Newsom. "But we've allowed that concentration to happen anyway, slowly and in plain sight over the course of decades and decades. But we can reverse it. We can reverse it together."
"It's time to democratize the American economy, to save our democracy," he concluded.
Newsom's support for this federal billionaire tax comes after he vowed to veto a California ballot proposal to institute a one-time tax on residents with a net worth above $1 billion. He explained that such a tax would just prompt those billionaires to flee to other states. The only real solution, as he sees is it, is to tax them at the federal level so that they can't simply jump over the border to a neighborring state.
“We’re competing with 50 states. Capital flows and move(s). That’s real. It’s not imagined. It’s very, very real," he previously said at the World Economic Forum.
What do you think? Is it time to fight back against the billionaires?
Please
and share if you support Newsom's proposal
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