Newsom calls for national billionaire tax

California Gov. Gavin Newsom (D) on Friday called for a national tax on the country’s wealthiest Americans, unveiling his plan to address growing wealth inequality a day after a proposed billionaire tax — to which he objected —  secured a spot on California’s November ballot.

In an op-ed posted on Substack, titled “It’s time for a national billionaires’ tax and a new social compact,” Newsom wrote that it’s “time for an economic reset in America,” posing the widening wealth gap as a critical issue in his economic agenda ahead of an anticipated presidential run.

The Democratic governor’s proposal includes a “true minimum tax on billionaires and those with a net worth of $100 million” as well as a national public equity fund allowing Americans to have a share in the monetary gains generated by the........

© The Hill