Explore the latest developments concerning Newsom backs California.
Gavin Newsom backs measure to kill the billionaire tax and ban future wealth taxes
The governor announced his positions on most of the 14 propositions on the November ballot.
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Not only has Gov. Gavin Newsom vocally opposed the proposed California billionaire tax, but he also wants to prevent the state from ever passing a wealth tax in the future.
On Friday he endorsed Proposition 42, a ballot measure that would cancel out Proposition 40, the proposed billionaire tax. Prop. 42 would prohibit retroactive taxes like the one-time 5% tax on assets that would apply to any billionaire who lived in California on Jan. 1, 2026 if Prop. 40 passes.
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