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California’s billionaire tax could bring down Gavin Newsom
Gavin Newsom’s run for the White House is going from bad to worse.
Gavin Newsom’s run for the White House is going from bad to worse. Last week, his former chief of staff was arrested for allegedly siphoning off campaign funds for personal use, raising questions about the California Governor’s control of his inner circle. Now a bigger challenge looms: a rising socialist tide.
After Zohran Mamdani’s sweep to the New York mayoralty and a similarly high-profile win for Katie Wilson in Seattle, California progressives are eyeing a new billionaire tax initiative — a policy Newsom is staunchly against. The union-backed legislation would see the state’s richest residents hit with a one-time, 5% tax on the net worth of individuals — including everything from investments to property value, and even other assets like jewellery and paintings — worth over $1 billion. The revenue would go into a special fund with 90% reserved for healthcare spending and 10% for the state’s ailing K-12 education system.
Newsom likes to claim that California is “the envy of the world” when it comes to social justice. In reality, the state suffers from the highest poverty rate in the country and maintains the highest unemployment, which is particularly acute among young people under 30. To top it off, the level of inequality is greater than Mexico and closer to countries such as Guatemala and Honduras: hardly the envy of the Americas, let alone the world.
In the past, Newsom sought to stifle debate about the dire condition of the state by building what The Nation called an ideal “blue welfare state” — a model of government based on European democracies that prioritises welfare. But economic and budget conditions suggest the state is running out of money and cannot continue handing out ever bigger subsidies to poorer residents. California spends more of its budget on welfare than almost any other state, twice as much as arch-rival Texas.
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