Gavin Newsom urges a national 'billionaires' tax' while fighting one in California

California Governor Gavin Newsom has called for a national billionaires tax to address wealth inequality. This proposal follows the certification of the California Billionaire Tax Act, a ballot measure supported by SEIU-UHW that would impose a one-time 5% tax on residents worth over $1bn. While Newsom urges Californians to reject this specific state tax on the 2026 ballot, he suggests the US government should implement a national tax and potentially own stakes in AI companies.