In San Francisco, Newsom rails against proposed billionaire tax, vows to protect homeless Californians

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SAN FRANCISCO — With California facing deep budget uncertainty and widening economic divides, Gov.Gavin Newsom on Friday vowed to protect residents on both ends of the income spectrum — from wealthy business leaders he fears could leave the state to unhoused Californians relying on state-funded services.That balancing act was on display as Newsom sharpened his criticism of a proposed ballot measure to tax billionaires, a measure opponents say may push tech companies and other businesses out of the state and wound California’s economy.“It’s already had an outsized impact on the state,” said Newsom, speaking to reporters in San Francisco’s Mission District.Newsom is trying to head off a union’s plan for a November ballot measure that would put a one-time tax on billionaires.

If approved by voters, it would raise $100 billion by imposing a one-time wealth tax of 5% on fortunes.Service Employees International Union-United Healthcare Workers West, the union behind the proposal, wants to raise money to help millions of Californians affected by widespread healthcare cuts by the Trump administration.California political leaders, facing a tough budget year, warn that the state does not have the financial capacity to backfill those cuts.Newsom, who is working behind the scenes with SEIU-UHW in an effort to stop the ballot measure, on Friday appeared doubtful that a deal could be struck with proponents of the measure.“I don’t know what there is to compromise,” said Newsom, calling the measure “badly drafted” and arguing the money raised wouldn’t be spread among other groups.“It does not support our public educators.

Does not support our teachers and counselors, our librarians.It doesn’t support our first responders and firefighters.

Doesn’t support the general fund and parks.”Two top Newsom advisors, Dan Newman and Brian Brokaw, are raising money and ...