Tag: california taxes

Gavin Newsom opposes a California wealth tax. He’s proposing a national billionaire tax instead

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Silhouette of a man standing on a balcony looking at the lit California State Capitol building at dusk

California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an “economic reset for America” agenda, which aides explicitly say is part of his considering to launch a presidential campaign. “The system America’s founders built was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades,” Newsom writes. “We can reverse it together, as a country.”

It is extremely early in the presidential campaign cycle for a policy proposal — but comes as Democrats continue to embrace economic populism and moves against the wealthy. It also comes as California voters in November will decide on a billionaires’ tax after the governor and opponents of the tax late Thursday failed to reach a deal to keep it off the ballot. Newsom, who is term-limited in California and will leave office in January 2027, lays out his proposal in a Substack post that went live on Friday morning, calling for a minimum tax on anyone worth more than $100 million so that they pay at least the same rate, rather than less, than the average American worker who doesn’t have loopholes and other maneuvers to benefit from.

Various wealth tax ideas have been proposed by Democrats before, including by Massachusetts Sen. Elizabeth Warren as part of her 2020 Democratic presidential campaign. Newsom says his idea comes out of wanting to create a bulwark against how artificial intelligence will reshape the economy, also proposing what he calls a “national public equity fund” to give every American, rather than just tech companies and investors, a share in the wealth likely to be produced. That fund, an aide said, would cover worker transition benefits, universal childcare, free higher education and career training, healthcare and a national industrial strategy for AI.

Newsom also called for rewriting the rules around inheritance, arguing that with what he says will be the largest intergenerational wealth transfer in human history coming over the next 20 years, “if we do not act, that transfer of wealth among the ultra-wealthy will lock in a permanent American aristocracy of inherited wealth, with all the political consequences the founders warned us about.” Newsom explains why that he will personally vote no on the California proposal, which would levy a one-time 5% tax on residents with a net worth over $1 billion. Backers of the measure gathered more than 870,000 signatures and include progressives like Vermont Sen. Bernie Sanders and California Rep. Ro Khanna – himself a 2028 contender. Newsom and others fear it would drive businesses out of California, and that the revenue collected would not be spread around widely enough. “We’re competing with 50 states,” Newsom told the World Economic Forum earlier this year.

“Capital flows and move(s). That’s real. It’s not imagined. It’s very, very real.” In his Substack post, Newsom writes that while he understands “the anxiety” driving interest in the California proposed tax, it “turns a blind eye to safety-net clinics and reproductive healthcare providers that Planned Parenthood has fought for decades to protect. There is nothing for housing, nothing for childcare, nothing for public safety workers who must answer 911 calls, and nothing for our public universities that have powered California’s economy for a decade.” Khanna, however, called Newsom’s proposal a distraction, arguing in a call with reporters on Friday that it didn’t actually constitute a wealth tax. “Taxing the loans on assets is something that the tech oligarchs themselves have proposed,” he said.

“That will raise a fraction of the revenue of an actual wealth tax, the kind that Bernie Sanders or Elizabeth Warren or I have proposed.” Long a presumed candidate for president in 2028, Newsom has begun to show his political hand more explicitly with a video last week about what he said was a Justice Department investigation into his wife, Jennifer Siebel Newsom: “Donald Trump isn’t just coming after me because of my mean tweets, he’s coming after me because I am considering running for president.”

Source: Gavin Newsom opposes a California wealth tax. He’s proposing a national billionaire tax instead | CNN Politics

Rejoicing in hope, patient in tribulation, continuing steadfastly in prayer.
Romans 12:12

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California Fines Church $1.2 Million for Worship; Now the Supreme Court Must Decide if the Constitution Still Stands

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Advocates for Faith & Freedom, in partnership with the American Center for Law & Justice, has filed a Petition for Writ of Certiorari asking the United States Supreme Court to overturn more than $1.2 million in fines imposed on Calvary Chapel San Jose and Pastor Mike McClure for the simple act of gathering to worship. This case stands as one of the clearest examples of government overreach against a church in modern American history. During COVID, California forced churches to close, restrict worship, and enforce mandates that violated Calvary Chapel’s sincerely held beliefs. At the very same time, the state allowed widespread exemptions for secular operations such as restaurants, athletic programs, and government offices.

Calvary Chapel chose obedience to Scripture over obedience to shifting political orders. The county retaliated with rapidly escalating fines that soared to $5,000 per day, ultimately exceeding $1.2 million, along with coercive demands for sworn compliance with orders later deemed unconstitutional. In addition to the $1,228,700 judgment, Santa Clara County is seeking $1,098,244 in attorneys’ fees and $45,753 in costs, which remain stayed pending appeal. If imposed, the total financial burden on Calvary Chapel would exceed $2.37 million – a staggering sum designed to punish a church for worshipping God during a crisis. The petition emphasizes that the Supreme Court has already ruled in Tandon v. Newsom that government cannot treat religious gatherings worse than comparable secular activities. California ignored that mandate and continued to target churches. “Government officials may not weaponize emergencies to suspend the First Amendment,” said Erin Mersino, Vice President and Chief of Supreme Court and Appellate Litigation for Advocates for Faith & Freedom. “California imposed some of the most aggressive restrictions on churches in the country, and this case is about ensuring the government never does this again.”

Source: California Fines Church $1.2 Million for Worship; Now the Supreme Court Must Decide if the Constitution Still Stands – Christian Newswire

Looking unto Jesus, the author and finisher of our faith, who for the joy that was set before Him endured the cross, despising the shame, and has sat down at the right hand of the throne of God.
Hebrews 12:2

CA Makes More Per Gallon of Gas in Taxes Than Oil Companies Do in Profit

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When it comes to gas and oil prices, Democrats in California are facing increasing push-back, as the U.S. Oil and Gas Association and others blast claims that the Iran conflict, President Trump, or so-called corporate greed are responsible for the state’s prices, which are among the highest in the nation.  Advertisement Governor Gavin Newsom’s Press Office thought it would test its luck against Chevron, writing on X, “While America suffers, Chevron profits.”

For emphasis, the governor posted a picture of a Reuters article stating that Chevron expects to earn between $1.6 billion and $2.2 billion in the first quarter of 2026.  However, they got absolutely destroyed by a community note pointing out that the State of California actually makes more profit per gallon of gas than any gas company does in the state.

Source: CA Makes More Per Gallon of Gas in Taxes Than Oil Companies Do in Profit

In the beginning God created the heavens and the earth. The earth was without form, and void; and darkness was on the face of the deep. And the Spirit of God was hovering over the face of the waters.
Genesis 1:1-2