California Governor Gavin Newsom wants a nationwide billionaires tax, he said Friday, in a move that could form part of a potential run for the White House in 2028.
Citing aides, CNN reports that Newsom’s comments are part of the governor considering the launch of a presidential campaign. If such a tax is eventually implemented, it would have a significant impact on the work of advisors and their ultra-high-net-worth clients across the U.S.
“It's time for a national billionaires tax and a new social contract,” Newsom wrote in a post on X, formerly Twitter. “10% of Americans own two-thirds of the wealth,” he added.
Newsom, who confirmed earlier this year that he is seriously considering a run for President in 2028, is one of the country’s highest-profile Democrats.
In his post on X, he said that wages have stagnated and the cost of living has skyrocketed, adding that the system is “fundamentally broken.”
“The federal tax code, a corporate code, and an inheritance code were written for a different set of Americans,” he wrote. “It’s time for an economic reset.”
However, Newsom has pushed back against a proposed wealth tax on California’s wealthiest residents. California’s 2026 Billionaire Tax Act would impose a one-time 5% tax on residents of California with a net worth of $1 billion or more.
Politico reports that Newsom’s opposition to the state wealth tax is rooted in concerns about its impact on California’s “tentpole industries,” such as tech, and the state’s tax base.
Californians will vote on the proposed state billionaire tax in November.
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