Newsom Opposes California Billionaire Tax Amid Exodus Fears
California’s proposed one-time 5% billionaire wealth tax has been added to the November ballot despite Gov. Gavin Newsom’s opposition, with supporters arguing it would curb wealth concentration; Newsom warns the tax could trigger a mass exodus of wealth and talent to Texas or Florida and calls for a federal approach instead. The measure has endorsements from Bernie Sanders but faces legal challenges and skepticism over its legality and economic impact, amid concerns it could harm startups and investment in the state.