Newsom Endorses Prop 42 to Counter Billionaire Tax, Splitting With Democrats and Unions
SACRAMENTO — California Gov. Gavin Newsom on Friday, Oct. 9, endorsed Proposition 42, a ballot measure that would cancel out the proposed billionaire tax (Proposition 40) and ban the state from ever imposing new taxes on personal property, CalMatters reported. The move puts Newsom publicly at odds with his own Democratic Party and several labor unions.
Proposition 40, the so-called billionaire tax, goes before voters on Nov. 3. It would impose a one-time 5% tax on the assets of people worth more than $1 billion who lived in California on Jan. 1, 2026. Supporters estimate about 250 Californians would be affected and the tax would raise about $100 billion, with 90% going to Medi-Cal.
Proposition 42 was funded by Google co-founder Sergey Brin. It would prohibit retroactive taxes and ban any new state taxes on personal property. Under California law, if two conflicting measures both pass, the one with more votes takes effect.
“We all agree that Californians deserve to have their retirement and life savings protected from new state taxes,” Newsom said. Critics called Prop 42 a “poison-pill measure.” According to CNN estimates, Brin himself could face a tax bill of nearly $14 billion if the billionaire tax passes. (Sources: CalMatters, CNN)
Source: GSM · USA (original Chinese edition)
Photo: 加州州长加文·纽森官方肖像，公共领域（经由 Wikimedia Commons）
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