Gavin Newsoms billionaire tax two-step: squeeze the rich nationally, spare Californias donor class

Gov.Gavin Newsom is trying to sell America on a national billionaire tax as he cultivates a likely White House run in 2028 — but his critics say California’s sky-high tax record has already sent many residents fleeing and Newsom is scrambling to protect his gilded Golden State donor class.The governor’s new proposal “reveals more about Gavin Newsom’s political future than California’s future,” said a spokesperson for the California Assembly GOP.“At a time when Californians are struggling with affordability,” officials added, “Governor Newsom is solely focused on rolling out a national agenda to distract from more than seven years of failed leadership at home.”The governor introduced a national billionaire tax plan Friday morning, less than a day after his office failed to block a state wealth tax going to California voters in November.

The measure is seeking to levy a one-time, 5% tax on billionaires to cover healthcare costs in the state. Newsom’s office was aggressive in its pursuit to block the state billionaire tax, launching a chilling pressure campaign on political organizations in the state to fall in line, a source with knowledge of the matter told The Post.Dave Regan, the head of SEIU-United Healthcare Workers West, which is leading the state billionaire tax effort, said Newsom’s office “responded very quickly, and they rejected our efforts” on a compromise to lower the tax to 2%.By Friday, the governor had already pivoted to roll out an alternative plan that notably tacks to the left.The governor is arguing that a national billionaire tax, which would face substantial hurdles in passing through Congress, could help fund universal child care and healthcare, as well as free college and career training.“Newsom is going for the big government socialist vote,” said John McLaughlin, CEO of McLaughlin & Associates and a pollster for The Post. “He’s losing to [former Vice President Kamala] Harris in our national monthl...