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.
We don’t live In a fucking democracy!! You’re chowing down the propaganda they’re feeding you. What has ever given you an idea that we live in a democracy? Before this oligarchy, it was a plutocracy at best. Companies run EVERYTHING, and they have spent the last 80 years undoing every drop of the New Deal (which is still capitalism), because even that is too progressive for them.
You can’t vote in change to an empire that overthrows foreign governments, oppresses its own populous, and destroys the environment. And the worst part, citizens united is just the cherry on top. It made things way worse, but we wouldn’t magically live in a utopic democracy if citizens united was overturned tomorrow.
Sure, bud.