Gavin Newsom once a capitalist, now a socialist

As Gavin Newsom’s governorship enters its final chapter, his eyes are no longer fixed on Sacramento.They are fixed on Washington.More specifically, on the White House.Like Sauron’s obsession with the One Ring, Newsom’s political focus has narrowed to one overriding object of desire: the presidency.That is the only way to understand Newsom’s latest economic manifesto, released Friday under the banner of a national billionaires’ tax.This was not merely a policy paper.California's top news, sports and entertainment delivered to your inbox every day.

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Never miss a story It was positioning.Newsom is calling for a national tax on billionaires and Americans worth more than $100 million.He wants to end the “tax-free lifestyle loan” — a feature of the current tax code that lets the ultra-wealthy borrow against their stock portfolios while reporting no taxable income, then pass appreciated assets to their children with the gains untaxed.He wants to rewrite inheritance rules so that the state can take another cut of the trillions that rich people want to give to others.He wants to create a national public equity fund giving Americans a stake in gains from artificial intelligence.California Post News: Facebook, Instagram, TikTok, X, YouTube, WhatsApp, LinkedInCalifornia Post Sports Facebook, Instagram, TikTok, YouTube, XCalifornia Post Opinion California Post Newsletters: Sign up here!California Post App: Download here!Home delivery: Sign up here!Page Six Hollywood: Sign up here!In plain English, he wants Washington to tax, redistribute and socialize more of the American economy.Under Newsom’s proposal, Washington would not merely regulate successful industries.It would claim an ownership interest in them.

Silicon Valley entrepreneurs would build the companies, investors would risk the capital, and the fede...