US News Metro Long Island Politics

Sports NFL MLB Olympics NBA NHL College Football College Basketball WNBA

Entertainment TV Movies Music Celebrities Awards Theater

Lifestyle Weird But True Sex & Relationships Viral Trends Human Interest Parenting Fashion & Beauty Food & Drink Travel

Health Wellness Fitness Health Care Medicine Men’s Health Women’s Health Mental Health Nutrition

Science Space Environment Wildlife Archaeology

Today’s Paper Covers Columnists Horoscopes Crosswords & Games Sports Odds Podcasts Careers

Email Newsletters Official Store Home Delivery Tips

Switch between CA and NY editions here.

Gavin Newsom — once a capitalist, now a socialist

See more of our coverage in your search results.

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.

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.

Download The California Post App, follow us on social, and subscribe to our newsletters

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........

© New York Post