Post by @technocrit@lemmy.dbzer0.com

@technocrit@lemmy.dbzer0.com

2026-10-10 14:37 UTC

Gavin Newsom backs measure to kill the billionaire tax and ban future wealth taxes 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. But Prop. 42, funded and placed on the ballot by billionaire and Google co-founder Sergey Brin to defeat the billionaire tax, also would go further, by banning any new taxes on personal property. That includes pensions and 401K accounts before retirees start drawing retirement income from them. It also includes other investments, financial assets, business holdings, art collections and all other forms of personal wealth that would be affected by the billionaire tax or any future wealth tax. Newsom’s decision to support Prop. 42 runs counter to his own Democratic Party and some labor unions. It also aligns him with some of the wealthy tech donors with whom he’s maintained longstanding relationships dating back to his days as mayor of San Francisco.

Replies (17)

@Yuccagnocchiyaki@lemmy.world 2026-10-10 23:26

With moves like that, we all KNOW the Dems are going to hold all of the rich pedophilic traitors responsible for their illegal actions FOR SURE! I mean, he won’t tax them, but he will DEFINITELY arrest them, and have them convicted and imprisoned FOR SURE With all of the illegal actions and stealing of our cash, the DEMS will DEFINITELY hold the tech bros responsible for their pedophilic and traitorous actions! Nevermind that the dem leadership is ALSO PAID BY THIEL. They will hold musk and co responsible and imprison them FOR SURE Just keep voting for Dems and you will be able to beat those random two (or 6) that flip at key votes. If you vote a little harder for Democrats, they will be able to defeat the parliamentarian when they have the votes. Nevermind that the Democrats have NEVER restored any benefits or programs that Republicans have cut (they had the votes in '96 and didn’t, Newsome could have done universal healthcare and he didn’t) ITS TIME FOR SOMETHING ELSE. NO MORE FASCISM

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@Floon@lemmy.ml 2026-10-11 03:30

For everyone who was Team Newsom when he was busy taunting Trump with his tweets, this is why not everyone was bought in to Newsom 4 Prez. He’s a lizard.

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@bagsy@lemmy.world 2026-10-11 03:37

100% they will make this shithead the next president.

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@Regrettable_incident@lemmy.world 2026-10-11 02:05

Not American, but this fucker’s a Democrat? Wow, sorry guys, but you’re fucked. You really do need to press reset and start again.

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@AviAdi@suppo.fi 2026-10-11 04:21

DEMOCRATS ARE COMPLICIT DEMOCRATS ARE CONTROLLED OPPOSITION KILL BOTH SIDES (electorally 😉) KILL THEM ALL (electorally 😉)

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@orioler25@lemmy.world 2026-10-10 15:31

Can’t wait to be called a Stalinist Yankee tankie in two years for saying he’s not a respectable person.

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@kreskin@lemmy.world 2026-10-11 04:53

mega-douche zionist newsom is in 3rd place for the dem spot, according to Kalshi anyway, with Osoff leading and AOC second. newsom will just be a creature of the rich. Voting for him is the same as voting for musk, thiel, ellison, zuckerberg and besos. We should really just cut out the middle man and put them directly in charge. kalshi.com/markets/kxpresnomd/…/kxpresnomd-28

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@some_guy@lemmy.sdf.org 2026-10-11 05:00

I’m so proud that we’re led by a cool guy who doesn’t give a fuck about us. Yay California. State workers are about to strike in a couple of weeks. Even cooler.

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@troglodytis@lemmy.world 2026-10-11 02:15

Gavin Newsom backs measure to kill the billionaire. Tax and ban future wealth.

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@Snapz@lemmy.world 2026-10-11 06:39

It’s a big club, and you ain’t in it.

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@moldy_rice@piefed.keyboardvagabond.com 2026-10-11 05:12

Conservative asshole

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@kylie_kraft@lemmy.world 2026-10-10 14:57

better work on your gag reflexes folks, because they are going to ram this guy down our throats so hard in 2028

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@kreskin@lemmy.world 2026-10-11 07:07

Newsom is sure as f*ck not working for the voters. He is just a middle management asskisser.

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@Leviathan@lemmy.world 2026-10-11 20:15

What a massive piece of shit!

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@Blackmist@feddit.uk 2026-10-11 12:44

I don’t want a one time tax on billionaires. I want an every year tax on billionaires.

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@jaykrown@lemmy.world 2026-10-11 12:39

It’s comical at this point. No way anyone votes for him if he tries to run for president.

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@gigaqps@lemmy.world 2026-10-12 07:18

I’d like to hear his rebuttal before jumping on the hate wagon

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