Newsom pivots to national wealth tax and AI stake plan after California setback

California Governor Gavin Newsom proposes a nationwide wealth tax and a public equity fund to give Americans stakes in AI after failing to block a California billionaire tax ballot measure. The national plan would impose a minimum tax on fortunes of $100 million or more, create a national public equity fund for AI, and close loopholes for the ultra-wealthy, while the California initiative would levy a one-time 5% tax on assets above $1.1 billion with 90% of revenue directed to healthcare and the rest to education and food programs. Newsom frames the proposals as addressing wealth disparity and democracy as he eyes a potential 2028 White House bid, with some Democrats backing the ideas and others opposing the CA tax approach.