Newsom seeks off-ramp to California’s billionaire tax push
TL;DR
California Governor Gavin Newsom is quietly pursuing an off-ramp with SEIU‑UHW’s billionaire wealth tax initiative to avert a November ballot fight, but no deal is imminent. Newsom opposes the current proposal, arguing it could harm California’s economy and tax base, while unions say the measure is needed to address federal cuts and prevent healthcare job losses; the battle could shape state finance and Silicon Valley dynamics and may influence Newsom’s political standing ahead of a possible 2028 run.
Topics:businesscalifornia-politics#billionaire-tax#california-ballot-initiative#california-politics#gavin-newsom#seiu-uhw#wealth-tax
- Gavin Newsom moves to neutralize tax on billionaires Politico
- Gavin Newsom Vows to Stop Proposed Billionaire Tax in California The New York Times
- Nvidia CEO Says He’s ‘Perfectly Fine’ With Billionaires Tax Bloomberg.com
- Newsom says California wealth tax 'really damaging' as billionaires move money, businesses out of state Fox Business
- Larry Page is officially moving business out of California ahead of a proposed billionaire's tax Business Insider
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