California's Proposed "Billionaire Tax" makes ballot, but backers give Newsom an Ultimatum
Video Overview & Insights
It's official, a proposed one-time, 5% tax on the wealth of billionaires in the state of California has qualified for the November ballot, after backers submitted the required 875,000 signatures. That milestone does NOT, however, mean the measure will be put to voters this fall, as the union backing the measure has proposed a compromise with Governor Newsom, who has opposed the measure - they say they will pull the tax measure off the ballot if Newsom pushes lawmakers to institute a one-time 2% tax on those same billionaires. Newsom's office says they are rejecting the proposal, but with days to go until the June 25th ballot deadline, the fate of the billionaire tax proposal is still up in the air. With more on the billionaire back-and-forth, Cher Calvin and Micah Ohlman are joined by "Inside California Politics" host Nikki Laurenzo. Laurenzo also breaks down Newsom's claim that the DOJ is investigating him and the First Partner, Jen Siebel Newsom, and the growing controversy over "behested payments." June 19, 2026.
Billionaire tax? What a joke.
It's just a cash grab because the state budget is in a very large deficit. No talk of cutting spending ever. Just spending more money, more money.
Watch it pass and get turned into a tax for everybody because a majority of the billionaires have left the state. They will say that the projected target income isn't there anymore and they have to lower the income threshold to reach the needed projected targets.
You wait and see. This is how state governments function.
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investigations started under the Biden Administration!
More User Perspectives
NO NEW TAXES!!
@redfive261🤔 We are not billionaires , And We get taxed to the "Hilt" You are Just going to Do a One Time hit on the billionaires!? Give us the ins and outs and the loopholes. . .
@terir4287Don't fall for it. First it's Billionaires, next it's Millionaires, then it's anyone with a home or a savings account.
Stop the Democrats from wasting your hard earned tax dollars and buying illegal votes.
And all those union members voted Newsom and see who he really stands behind. Lol
@pimperish666Doesnt matter, CA will piss it away and then create new taxes for everyone else to suport the peograms they started with the billionaire taxes.
@ManBearBullSharkThe ultimatum should be for Nuisamce TO RESIGN FOREVER. And to take any Commies with him.
@hstrinzelIt's NOT about TAXES ... the GOVERNMENT could function rather we PAY TAXES or not!
Who PRINTS the currency ... the GOVERNMENT. Who TAXES the currency ... the GOVERNMENT. If the GOVERNMENT does the PRINTING and TAXING ... why have taxes in the first place (other than to CONTROL people)?
People seem to think it's all about "MY TAXES" (the "TAXPAYER") ... but it's not!
The US Constitution gives us the ability to COIN MONEY ... and there are many ways to COIN MONEY and EXPIRE the currency and all WITHOUT TAXES.
If we add TARIFFS to the mix ... it's just another HIT to the CONSUMER POCKETBOOK.
DO YOU KNOW that the GOVERNMENT could function rather you PAY TAXES or not ... just remember that "MONEY" (currency) is "PRINTED OUT OF THIN AIR" and the GOVERNMENT may continue to operate regardless of any "TAX REVENUE."
It's all a DELUSION ... having you think that YOU have some part operating the GOVERNMENT. YOU where NEVER part of the CLUB!
DON'T BE FOOLED ... the GOVERNMENT DOES NOT NEED "YOUR TAX DOLLARS" to operate!
THE BILL IS DISGUISED AS A "BILLIONAIRE" TAX BUT IN REALITY TAXES THE MIDDLE AND LOWER CLASS EVEN MORE.....
@forgedpiston41more people moving to Texas
@joeontherun2% is peanuts for millionaires!
@JanBateman-r1qGood news for Texas Georgia and Florida, and all business friendly states...
The great job departure and business exodus from California has begun....
This is why 1.9 millions left California....
This is a business exodus from California....
They want to perpetually Tax Billionaires on their wealth created in California....
So California will burn any future business opportunities....
Just drown California.... in the dems cesspool
tax em!!!! also,,,,cut corporations off at the knees
@MikeM-q2wThe investigation was started under Biden and not by the DC DOJ and California whistleblowers were the basis for the investigation.
@pedroparra3681Voting YES for sure. Don't lose focus.
@tisurmasterHold the wealthy and their cronie politician friends accountable for once.
@rhoadestyler321How about a tax on politicians who made over $250 Million from being Governor
@sandbergglass3052 weeks to flatten the curve
Biden Clearly won the debate -Gavin Newsom 😂
It just another job killer. The Democrats are eating their own because they cannibal to themselves
@rcc1887Here’s a novel idea. Instead of taxing people more how about looking into the massive and obvious fraud of taxpayer dollars? 🙄
@davidcaunter5346Wow. Newsom must be just under that or he wouldn't have signed it.
@rcc1887Performative. You think these millionaires in government are going to actually bite the hand that keeps them rich?
@majorlazor5058Doesn’t that include you and auntie Nancy
@juneOlson-i7bAbolish all taxes thay are a weapon against all.
@johnguldin2735get the fraud taken care of FIRST!
@johnrenzi95Sooooooo Corrupt instead of managing current tax money well
@kirk.w.mclarenNo tax increases until they come clean on how they misspent the last few $Trillion we gave them and the people responsible are behind bars.
@bersigSuch BS, it’s to fund there pension which was over promised in negotiations
@DsonicJ5672Crazy
@Daniel-m9r8mIt is wrong. The investigation, I read, started when Biden was president. Stop blaming our President Donald Trump. The Lord bless President Donald Trump.
@mariapineda3755Big Fraud is the destination of taxed money.💸
@E-1KThey keep doing this in blue states, and the wealthy keep moving, leaving them with less tax revenues then they had to begin with.
@robertcatanzaro994We're the most expensive state to live in, we keep voting for democrats, and they keep voting to raise taxes. Wake up people! Voting blue is California voters doing this to ourselves.
@JimmyNeutron-up9cuWhy do the unions get to decide tax policy?
@JimmyNeutron-up9cuTHEY MOST LOVE TO BE TAX, JUST STAY IN CALIFORNIA 😊😊😊😊😊😊😊😊😊
@TyroneRowe-t3iVance/Ruibo2028❤
@edzzz5043Its amazing that the left is so stupid they think California's problems is a tax issue and not the government in control.
Doesn't anyone remember how 20 years ago gas was ground $1.50 a gallon and you could actually lives off a minimum wage, California had excellent schools, infrastructure, less crime and thhe homelessness problem was a fraction of its current size? I do and that was when California was still a read state.
I’m not billionaire nor millionaire but this is BS. Let get rid of politicians that purposely forced exit California relocate corporations to other states. we lost trillions in tax revenue
@freedom4all325Read the Bill, 34 pages, and it's all set up to be applied to all taxpayers.
I hope those "Service Workers" are happy with the tax being applied to their Wealth.
Watch the homeless camps. They will be paying 5 dollars a signature to vote their way
@ciscokidd6119Politicians get a cut!
@itruck96Tax the people who own multiple homes of they're not living in the state. New York just had a great win with this strategy.
Tax the billionaires by pre- Reagan rates.
The ballot measure is a one time, 5% tax on billionaires. We have more than 70 billionaires in California, so this isn’t a trivial amount of cash. I intend to vote for it. Billionaires have demonstrated time and again how irresponsible they are with money; this is an important first step.
@sfkeepayBillionaires leave California while you can!!!!! if California had it their way, they would kill the billionaires and give the houses to the drug addicts.
@Winded_Walrushow about starting the year off with $0 budget and make them show results for each dollar requested?
@rfpeaceI can't help but think this is a ruse by Texas Republicans to get all the billionaires to move there (like Elon Musk).
@cecilelaforce3686Anything Newsom’s involved in is communism and aligns with what the CCP wants for America.
@davidhughes8928Gonna be more expensive in the future possible a 300 thousand dollar house will b a million dollars one day maybe
@PatrickPhillips-c2e