SF Dems back national wealth tax, oppose California billionaire tax

San Francisco’s county Democratic Party is poised to oppose California’s billionaire wealth tax at its meeting and instead advance a resolution calling for a national wealth tax, aligning with Gov. Newsom and signaling a shift toward moderates in a city once dominated by progressives. The move contrasts with the California Democratic Party’s broader backing of the measure and follows SF’s rejection of a local “overpaid CEO” tax proposal, as leaders argue a one-time wealth tax won’t solve long-term problems.