{"id":741,"date":"2026-06-26T18:14:27","date_gmt":"2026-06-26T18:14:27","guid":{"rendered":"https:\/\/interstatemovingexpertss.com\/?p=741"},"modified":"2026-06-26T18:14:27","modified_gmt":"2026-06-26T18:14:27","slug":"gavin-newsom-calls-for-national-billionaires-tax-its-time-for-an-economic-reset","status":"publish","type":"post","link":"https:\/\/interstatemovingexpertss.com\/?p=741","title":{"rendered":"Gavin Newsom calls for national billionaires tax: ‘It’s time for an economic reset’"},"content":{"rendered":"

California Gov. Gavin Newsom, who is widely viewed as a 2028 presidential contender, on Friday called for a nationwide tax on billionaires as part of a broader agenda to to usher in what he’s calling an “economic reset for America.”<\/p>

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The Democratic governor, in a Substack post and accompanying video posted on social media, backed hiking taxes on the nation’s richest \u2014 but reiterated his opposition to a state-level wealth tax that Californians will vote on in November.<\/p>

The next presidential election is more than two years away, but a speculative roster of names for both major parties has already emerged, with Newsom near the top of the list for the Democrats.<\/p>

The 58-year-old, whose term-limited governorship ends in early 2027, has already acknowledged he is mulling a White House bid. He did so earlier this month, when he accused President\u00a0Donald Trump\u00a0of ordering the\u00a0Department of Justice\u00a0to investigate him and his wife “because I am considering running for president.”<\/p>

Newsom’s early rollout of a possible finance-focused campaign platform echoes proposals that have already been put forward by other Democrats \u2014 including some, like Rep. Ro Khanna, D-Calif., who are also flirting with a run for the highest U.S. office.<\/p>

Newsom framed his economic message in terms of a broad coalition of working Americans who have been disadvantaged by a system unfairly skewed toward the wealthy.<\/p>

“They did everything right, and the system still has nothing for them,” the governor wrote in Friday’s post. “What stands in their way is the federal tax code, a corporate code, and an inheritance code written for a different set of Americans.”<\/p>

Newsom said he supports “a\u00a0true minimum tax on billionaires \u2014 a modern Buffett Rule \u2014 that ensures the people at the very top pay at least the tax rate their own workers pay.” Legendary investor Warren Buffett has advocated wealth redistribution.<\/p>

He also called for closing the various tax perks and benefits that give the ultra-wealthy “their own private tax code full of loopholes and exemptions that most people have never heard of.”<\/p>

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\"Buffett<\/figure>\n
watch now<\/span><\/div><\/div><\/span><\/div>
VIDEO<\/span>0:00<\/span>00:00<\/span><\/div>
Buffett explains the “Buffett Rule” for taxes<\/div>
2012 Berkshire Hathaway Annual Meeting<\/div><\/div><\/div><\/div><\/div><\/div>

That includes ending what he calls a “tax-free lifestyle loan” \u2014 a controversial tactic sometimes known as “buy, borrow, die” \u2014 in which people borrow money against their stocks and other large assets to lower their taxable income. <\/p>

Some of the world’s richest people have been accused of exploiting the strategy. Amazon