{"id":2616351,"date":"2026-06-19T15:27:02","date_gmt":"2026-06-19T19:27:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-rejects-scaled-back-billionaires-tax-as-ballot-fight-looms\/"},"modified":"2026-06-19T15:31:11","modified_gmt":"2026-06-19T19:31:11","slug":"newsom-rejects-scaled-back-billionaires-tax-as-ballot-fight-looms","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-rejects-scaled-back-billionaires-tax-as-ballot-fight-looms\/","title":{"rendered":"Newsom rejects scaled-back billionaires tax as ballot fight looms"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnewsom-rejects-scaled-back-billionaires-tax-as-ballot-fight-looms%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2616351&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>California Governor Gavin Newsom&#8217;s office has expressed opposition to a proposed tax on billionaires in California, even after a labor union revised its plan to support a lower 2% one-time wealth tax. The initiative, led by SEIU-UHW, aims to impose a 2% tax on individuals with net worth above $1 billion to fund public services and offset federal healthcare cuts. Newsom, who plans to run for president in 2028, has vowed to oppose the measure, citing concerns that it would harm California\u2019s economy and reduce revenue. The union had considered lowering the original 5% rate in exchange for his support, but Newsom rejected the offer, criticizing the measure as flawed and harmful to working Californians. The proposal has garnered support from advocates who argue it\u2019s a modest way to address wealth inequality and fund essential services, especially amid federal reductions in healthcare funding. Critics, including some in the tech sector, warn that the tax could encourage the wealthy to leave the state, possibly reducing tax revenues further.Lawmakers have also advanced alternative revenue measures. The ongoing debate highlights concerns about retaining high-net-worth residents and the economic impact of taxing the state&#8217;s wealthiest individuals.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<article class=\"fn-body\">\n<p class=\"wp-block-paragraph\">California Gov. <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/gavin-newsom\/\" type=\"post_tag\" id=\"1426\">Gavin Newsom\u2019s<\/a> office said Friday that it remains opposed to a <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4614719\/california-billionaire-tax-qualifies-ballot\/\" type=\"link\" id=\"https:\/\/www.washingtonexaminer.com\/news\/4614719\/california-billionaire-tax-qualifies-ballot\/\">proposed tax<\/a> on California billionaires, even after the labor union backing the measure revised its plan following its qualification for the <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/2026-election\/\" type=\"post_tag\" id=\"11675\">November ballot<\/a>.<\/p>\n<p class=\"wp-block-paragraph\">The new initiative, from Service Employees International Union\u2013United Healthcare Workers West, would impose a one-time 2% tax on individuals with net worth above $1 billion. It has drawn strong opposition from a range of critics, including Newsom, who argued it would ultimately weaken California\u2019s economy and reduce future revenue.<\/p>\n<section class=\"explore-more-section\" id=\"wex-recommended-widget\">\n<div class=\"magazine-container single\">\n<h1 class=\"magazine-title mt-2\">Recommended Stories<\/h1>\n<p>             <i class=\"fa-solid fa-play icon\"><\/i>         <\/div>\n<div class=\"explore-grid\">\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/4613542\/dc-risks-trump-heavy-hand-election-socialist-mayor\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>DC risks Trump\u2019s heavy hand with election of socialist mayor<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/state\/4610901\/janeese-lewis-george-kenyan-mcduffie-dc-mayor-primary-result\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Janeese Lewis George wins Democratic nomination in DC mayoral race<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/state\/4611382\/robert-white-brooke-pinto-race-replace-holmes-norton-congress-dc-delegate\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Robert White bests Brooke Pinto in race to replace Holmes Norton in Congress as DC delegate<\/h3>\n<p>                         <\/a>                     <\/div>\n<\/p><\/div>\n<\/section>\n<p class=\"wp-block-paragraph\">Newsom, who is expected to launch a 2028 presidential campaign after leaving office, has vowed to defeat the measure, signaling a willingness to spend his remaining political capital to block it. Gubernatorial candidates <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/state\/4601813\/steve-hilton-california-governor-general-election\/\" type=\"post\" id=\"4601813\">Steve Hilton<\/a>, a Republican, and former Health and Human Services Secretary <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/xavier-becerra\/\" type=\"post_tag\" id=\"1719\">Xavier Becerra<\/a>, a Democrat, have also opposed the proposal.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-1\">\n<div class=\"wex-ad-wrap\" style=\"min-height:5px;\"><span class=\"wex-ad-label\" style=\"display:none;\">Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-15\" data-wex-ad=\"art-dsk-inart-1\"><\/div>\n<\/div>\n<\/div>\n<div class=\"article-paywall\">\n<figure class=\"wp-block-image size-large\">Governor Gavin Newsom attends the 94th Annual Meeting of the United States Conference of Mayors in Long Beach, California on June 4, 2026. (Photo by Myraneli Fabian\/Anadolu via Getty Images)<\/p>\n<p>&#8221; data-large-file=&#8221;https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/\/2026\/06\/localimages\/GettyImages-2279118631.jpg?w=696&#8243; height=&#8221;683&#8243; width=&#8221;1024&#8243; &#8220;https:><figcaption class=\"wp-element-caption\">Governor Gavin Newsom attends the 94th Annual Meeting of the United States Conference of Mayors in Long Beach, California on June 4, 2026. (Photo by Myraneli Fabian\/Anadolu via Getty Images)<\/figcaption><\/figure>\n<p class=\"wp-block-paragraph\">On Thursday, the union said it would abandon its original 5% rate if Newsom agreed to support a lower 2% levy instead. That revised approach would require approval from the state legislature, as a June 25 deadline remains for withdrawing the original measure from the ballot.<\/p>\n<p class=\"wp-block-paragraph\">The governor rejected the overture.<\/p>\n<p class=\"wp-block-paragraph\">\u201cThe Governor has been clear that he is strongly opposed to a California-only wealth tax,\u201d Newsom spokeswoman Tara Gallegos told the <em>Washington Examiner<\/em>. \u201cThe Governor supports making the wealthiest Americans pay their fair share, but this poorly designed state-only measure will defund teachers, schools, clinics, and public safety. Changing the tax rate doesn\u2019t change this measure\u2019s fundamental flaws that harm working Californians.\u201d<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-2\">\n<div class=\"wex-ad-wrap\" style=\"min-height:5px;\"><span class=\"wex-ad-label\" style=\"display:none;\">Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-16\" data-wex-ad=\"art-dsk-inart-2\"><\/div>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">Newsom has opposed a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/generational-battle-gets-ugly-in-californias-7th-district-primary-race\/\" title=\"Generational battle gets ugly in ...&#039;s 7th District primary race\">state-level wealth tax<\/a> since 2020.<\/p>\n<p class=\"wp-block-paragraph\">The tax, which would apply to individuals residing in California as of Jan. 1, 2026, is designed to raise roughly $100 billion in revenue. Backers say the funds would primarily offset federal cuts to healthcare programs for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/d-c-protesters-rally-outside-of-u-s-capitol-to-pressure-lawmakers-for-bigger-stimulus-checks\/\" title=\"D.C. protesters rally outside of U.S. Capitol to pressure ... for bigger stimulus checks\">low-income residents<\/a>, with additional money directed toward food assistance and education.<\/p>\n<p class=\"wp-block-paragraph\">In an <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/billionairetaxnow.org\/wp-content\/uploads\/2026\/06\/An_Open_Letter_to_CA_Governor_Gavin_Newsom.pdf\" type=\"link\" id=\"https:\/\/billionairetaxnow.org\/wp-content\/uploads\/2026\/06\/An_Open_Letter_to_CA_Governor_Gavin_Newsom.pdf\">open letter<\/a> to Newsom, supporters argued a scaled-down alternative \u2014 a 2% one-time levy on accumulated wealth \u2014 would preserve essential services.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-3\">\n<div class=\"wex-ad-wrap\" style=\"min-height:5px;\"><span class=\"wex-ad-label\" style=\"display:none;\">Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-17\" data-wex-ad=\"art-dsk-inart-3\"><\/div>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">\u201cA 2% one-time tax on that accumulated wealth is modest by any objective measure, especially if it means keeping emergency rooms open and saving patient lives,\u201d they wrote.\u00a0\u201cIt\u2019s more than appropriate at a moment when every other Californian is being asked by Sacramento to sacrifice.\u201d<\/p>\n<p class=\"wp-block-paragraph\">The campaign is being led by SEIU-UHW, which argues California will need new revenue sources to offset reductions in Medicaid and other federal healthcare programs enacted under President Donald Trump\u2019s domestic policy package last year. State analysts estimate the measure could generate tens of billions of dollars over time. However, the Legislative Analyst\u2019s Office has warned it could also reduce annual income tax collections by hundreds of millions if some of California\u2019s wealthiest residents leave the state.<\/p>\n<p class=\"wp-block-paragraph\">Supporters say the tax is necessary to address widening wealth inequality and argue California\u2019s economy is strong enough to retain most of its 216 billionaires. To address concerns about valuation and liquidity, the proposal would allow independent third-party appraisals, permit payments over five years with interest, and defer taxes on illiquid assets such as privately held startup shares.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-4\">\n<div class=\"wex-ad-wrap\" style=\"min-height:5px;\"><span class=\"wex-ad-label\" style=\"display:none;\">Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-25\" data-wex-ad=\"art-dsk-inart-4\"><\/div>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">Critics, particularly in the technology sector, argue the measure could force entrepreneurs and investors to sell assets to meet tax obligations, potentially disrupting businesses and discouraging investment.<\/p>\n<p class=\"wp-block-paragraph\">\u201cThis flawed measure is the wrong approach for California\u2019s small businesses and working families,\u201d Roger Salazar, a spokesperson for Golden State Promise, a political committee opposing the tax, told the <em>Associated Press<\/em>.<\/p>\n<p class=\"wp-block-paragraph\">State lawmakers passed budget bills this week that aim to raise revenue through other means, including extending a tax on healthcare providers.<\/p>\n<div class=\"wex-inarticle-ad wex-inarticle-ad-art-dsk-inart-5\">\n<div class=\"wex-ad-wrap\" style=\"min-height:5px;\"><span class=\"wex-ad-label\" style=\"display:none;\">Advertisement<\/span><\/p>\n<div id=\"div-gpt-ad-3182201-26\" data-wex-ad=\"art-dsk-inart-5\"><\/div>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">Hilton called the proposal \u201csomething that just captures so perfectly the stupidity and the failure of 16 years of one-party rule,\u201d arguing it is primarily an effort by organized labor to secure additional funding for its priorities.<\/p>\n<p class=\"wp-block-paragraph\"><strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4614719\/california-billionaire-tax-qualifies-ballot\/\" type=\"post\" id=\"4614719\">CALIFORNIA BILLIONAIRE TAX QUALIFIES FOR BALLOT, SETTING UP COSTLY FIGHT <\/a><\/strong><\/p>\n<p class=\"wp-block-paragraph\">Concerns about California\u2019s ability to retain wealthy residents have resurfaced. Several high-profile billionaires have relocated to lower-tax states such as Texas and Florida, fueling opponents\u2019 fears that the state\u2019s tax base could erode further.<\/p>\n<p class=\"wp-block-paragraph\">\u201cBillions of dollars of actual revenue have already left,\u201d Hilton said. \u201cIt\u2019s gone. It\u2019s too late. Even if their stupid negotiation thing means that they don\u2019t put this on the ballot, their pathetic, <a href=\"https:\/\/amzn.to\/3YuVZYV\" >ridiculous inside-a-swamp game<\/a> in Sacramento has already cost the state of California billions of dollars in revenue that we are not getting back.\u201d<\/p>\n<\/div>\n<\/article>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newsom opposes billionaire tax despite union&#8217;s revised plan<\/p>\n","protected":false},"author":2646,"featured_media":2616352,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/06\/GettyImages-2279118631.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[36700,81447,3678],"class_list":["post-2616351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-ballot-initiative","tag-billionaires-tax","tag-newsom"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/06\/GettyImages-2279118631.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2616351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2646"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2616351"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2616351\/revisions"}],"predecessor-version":[{"id":2616359,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2616351\/revisions\/2616359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2616352"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2616351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2616351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2616351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}