Newsom Pivots to National Billionaires Tax Push as California Measure Heads to Ballot

Governor Gavin Newsom called for a national billionaires tax on June 26, escalating what began as a California state ballot measure into a federal policy debate. The state measure—a one-time levy on accumulated wealth over the billionaire threshold—qualifies for November voters. Newsom's move reverses his earlier resistance and positions him ahead of 2028. Legal questions over wealth-tax constitutionality and administrative enforceability remain unresolved.