Newsom pushes federal billionaire tax as California weighs its own wealth tax

Newsom called for a national billionaire tax and proposed a federal alternative to California’s ballot measure that would tax net worth over $1 billion to fund healthcare, education and food assistance; he also floated a broader federal package including a minimum net-worth tax, restrictions on borrowing against stock, a public equity stake in AI companies, inheritance-tax reforms, and higher corporate rates to retrain workers and expand services, arguing wealth is mobile and a federal approach is needed, while critics like Rep. Ro Khanna and Silicon Valley billionaires push back and debates over the measure continue as Newsom eyes a potential 2028 run.