Newsom’s Delicate Stand Tests the Wealth Tax and His 2028 Hopes

California Gov. Gavin Newsom opposed a one-time wealth tax tied to Prop 40 and has kept a lower public profile as the measure heads to the ballot. The stance could boost his populist credibility if it fails or jeopardize it if it passes, while left-leaning critics may attack him for aligning with anti-tax tech interests. The campaign has become a high-stakes test of his political capital and potential presidential ambitions, with major endorsements and heavy fundraising from billionaires shaping the fight.