{"id":2619723,"date":"2026-06-26T18:19:27","date_gmt":"2026-06-26T22:19:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gavin-newsom-calls-for-national-billionaires-tax-to-trigger-economic-reset\/"},"modified":"2026-06-26T18:21:44","modified_gmt":"2026-06-26T22:21:44","slug":"gavin-newsom-calls-for-national-billionaires-tax-to-trigger-economic-reset","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gavin-newsom-calls-for-national-billionaires-tax-to-trigger-economic-reset\/","title":{"rendered":"Gavin Newsom Calls for &#8216;National Billionaires Tax&#8217; to Trigger &#8216;Economic Reset&#8217;"},"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\">22<\/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%2Fgavin-newsom-calls-for-national-billionaires-tax-to-trigger-economic-reset%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=2619723&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>the passage discusses the recurring theme within American leftism, frequently enough associated with Zohran mamdani and broader socialist policies.It highlights Democratic efforts,such as calls for a &#8220;national billionaires tax&#8221; and an &#8220;economic reset,&#8221; exemplified by California Governor Gavin Newsom&#8217;s recent statements advocating for taxing the wealthy and redistributing wealth. Despite these proposals, critics argue that historically, increased taxation has not benefited the general populace but rather enriched the bureaucracy and elites. The article emphasizes that voters should be cautious of socialist promises, warning that such policies tend to deepen poverty and corruption, referencing past failures in socialist governance.Ultimately, it advocates for rejecting these leftist approaches and encourages voters to recognize the risks of endorsing socialist measures, emphasizing the importance of preserving Western civilization principles.  <\/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\"><br \/>\n<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><script>console.log(\"ad slot (REP_0)\")<\/script><\/p>\n<p>Call it the Zohran Mamdani Effect. Or call it a familiar page out of the shopworn Democrat playbook.<\/p>\n<p>Either way, it amounts to one of the most <a href=\"https:\/\/amzn.to\/3YuVZYV\" >tedious recurring projects<\/a> in American leftism. And one prays that voters have the good sense to reject it.<\/p>\n<p>Friday on the social media platform X, Democratic Gov. Gavin Newsom of California, widely regarded as a candidate for the 2028 Democratic presidential nomination, effectively acknowledged his party\u2019s Mamdani-led leftward lurch by calling for a \u201cnational billionaires tax\u201d and an \u201ceconomic reset.\u201d<\/p>\n<p>On Tuesday, Democratic Mayor <a href=\"https:\/\/www.westernjournal.com\/socialists-plot-2028-white-house-run-trio-big-victories-even-causes-constitutional-crisis\/\" target=\"_blank\" rel=\"noopener\">Zohran Mamdani<\/a> of New York City enjoyed a clean sweep in the party\u2019s congressional primaries. All three Mamdani-endorsed socialist candidates won their races, two of them handily.<\/p>\n<p>Meanwhile, New York\u2019s Democratic establishment <a href=\"https:\/\/www.westernjournal.com\/new-york-ag-letitia-james-furious-zohran-mamdani-pivotal-democratic-primaries\/\" target=\"_blank\" rel=\"noopener\">reacted with alarm<\/a>.<\/p>\n<p>Newsom, whose presumptive 2028 campaign has already featured some <a href=\"https:\/\/www.westernjournal.com\/hilarity-ensued-monday-night-trump-announced-newsom-dropped-presidential-race\/\" target=\"_blank\" rel=\"noopener\">high-profile gaffes<\/a>, appears to have read the writing on the wall. The message? Move left or get left behind.<\/p>\n<p>\u201cIt\u2019s time for a national billionaires tax and a new social contract,\u201d Newsom wrote. \u201c10% of Americans own two-thirds of the wealth. Wages have stagnated. The cost of living has skyrocketed. The system is fundamentally broken. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/zoom-profits-in-2020-660-million-zoom-tax-payment-in-2021-0\/\" title=\"Zoom Profits in 2020: 0 Million. Zoom Tax Payment In 2021: federal tax code.\">federal tax code<\/a>, a corporate code, and an inheritance code were written for a different set of Americans. It\u2019s time for an economic reset.\u201d<\/p>\n<p>In an accompanying video, the governor added a few specifics. Newsom proposed, for instance, that proceeds from the tax would go toward a national public equity fund that gives all Americans a financial stake in the artificial intelligence industry.<\/p>\n<p>But the crux of the message was exactly as we have heard from Democrats for decades: Tax the rich.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">It\u2019s time for a national billionaires tax and a new social contract.<\/p>\n<p>10% of Americans own two-thirds of the wealth. Wages have stagnated. The cost of living has skyrocketed.<\/p>\n<p>The system is fundamentally broken.<\/p>\n<p>The federal tax code, a corporate code, and an inheritance code\u2026 <a href=\"https:\/\/t.co\/tLRbUId6yi\">pic.twitter.com\/tLRbUId6yi<\/a><\/p>\n<p>\u2014 Gavin Newsom (@GavinNewsom) <a href=\"https:\/\/x.com\/GavinNewsom\/status\/2070496029280276571?\">June 26, 2026<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Newsom recently opposed a ballot measure that would enact a one<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hollywood-legend-becomes-latest-billionaire-to-flee-california\/\" title=\"Hollywood Legend Becomes Latest Billionaire to Flee ...\">-time 5 percent tax<\/a> on Californians whose assets exceed $1.1 billion. In that case, nearly all new revenue would go toward health care, with the rest set aside for education and food assistance, according to <a href=\"https:\/\/www.nbcnews.com\/politics\/2026-election\/losing-one-billionaire-tax-battle-gavin-newsom-prepares-wage-another-rcna351867?cid=sm_npd_nn_tw_ma&#038;taid=6a3e8a984ea26f00017be6bc&#038;utm_campaign=trueanthem&#038;utm_medium=social&#038;utm_source=twitter\" target=\"_blank\" rel=\"noopener\">NBC News<\/a>.<\/p>\n<p>Of course, when it comes to identifying the object of new tax revenue, one must always use the word \u201callegedly.\u201d<\/p>\n<p>Indeed, conservatives generally oppose taxes not because we hate health care and love billionaires. After all, Republicans have already had our reckoning with soaring prices and wealth disparities. We elected President Donald Trump in hopes that he would help fix the problem.<\/p>\n<p>Conservatives generally oppose taxes because we know where the money goes. Rather than helping people in need, public money in recent decades has merely enriched the <a href=\"https:\/\/www.westernjournal.com\/doge-investigate-bureaucrats-become-wealthy-positions\/\" target=\"_blank\" rel=\"noopener\">federal bureaucracy<\/a>. No one can look at the suburbs of Washington, D.C. \u2014 the <a href=\"https:\/\/www.westernjournal.com\/americas-15-wealthiest-counties-voted-2024-presidential-election-tells-us\/\" target=\"_blank\" rel=\"noopener\">wealthiest in America<\/a> \u2014\u00a0 and reach any other conclusion.<\/p>\n<p>We have also witnessed perhaps the most egregious <a href=\"https:\/\/www.westernjournal.com\/vance-task-force-says-recovered-fraud-losses-help-balance-federal-budget\/\" target=\"_blank\" rel=\"noopener\">fraud scandal<\/a> in the history of public expenditure.<\/p>\n<p>Moreover, history tells us what happens each time socialists take power. Their cronies grow richer, while the people sink deeper into poverty.<\/p>\n<p>In other words, to give Newsom his due, voters on both left and right do see a \u201cfundamentally broken\u201d system.<\/p>\n<p>On the right, however, we refuse to ignore history by voting more money to leftists in government.<\/p>\n<p>Of course, with Mamdani solidifying his hold on New York City politics, we can only hope that voters nationwide will reject the socialist message. Take one look at Newsom in that video, for instance, and trust your instincts. Does he look like a guy determined to help the least fortunate among us? Or does he look like a slick political chameleon?<\/p>\n<p>Alas, the Cold War ended in 1991. No one under 40 can remember the ideological struggle between Western Civilization and Soviet-led Communism.<\/p>\n<p>In the <a href=\"https:\/\/www.westernjournal.com\/mamdanis-socialists-sweep-primaries-started-org-total-eradication-western-civilization-demand-world-without-prisons-called-america-disgrace\/\" target=\"_blank\" rel=\"noopener\">Age of Mamdani<\/a>, therefore, a new generation must fight the same tedious battle.<\/p>\n<div style=\"background-color: #f7f7f7; color: #171717; display: flex;font-size: 16px;font-weight: 600;line-height: 1.5;margin: 24px 0;padding: 18px 20px 18px 30px;text-align: left;\">\n<div style=\"align-self: stretch;border-left: 3px solid #171717;flex-shrink: 0;padding-left: 20px;\"><\/div>\n<p><a style=\"text-decoration: none;\" href=\"https:\/\/www.google.com\/preferences\/source?q=https:\/\/www.westernjournal.com\/\">Choose The Western Journal as your preferred source on Google and never miss reporting that defends truth, protects freedom, and advances Western civilization<\/a><\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey == typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts = { \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs = [ 'name', '', 'message' ];  \t\t\t\t\tfor( var i = 0; i < inputs.length; i++ ) if( ! 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Either way, it represents one of the most monotonous recurring efforts within American leftism, and we can only hope voters see through it and reject it. On Friday, Democratic Governor Gavin Newsom of California-widely seen as a potential 2028 presidential candidate-publicly acknowledged his party\u2019s shift to the left under Mamdani\u2019s influence by calling for a \u201cnational billionaires tax\u201d and an \u201ceconomic reset.\u201d Then, on Tuesday, New York City Mayor Zohran Mamdani secured a decisive victory in the Democratic congressional primaries, with all three candidates he endorsed winning comfortably. This development alarmed New York\u2019s Democratic establishment.<\/p>\n<p>Newsom, whose early campaign has already faced some notable missteps, seems to be sensing that change is inevitable: \u201cIt\u2019s time for a national billionaires tax and a new social contract,\u201d he stated. \u201c10% of Americans own two-thirds of the wealth. Wages have stagnated. The cost of living has skyrocketed. The system is fundamentally broken.\u201d He further argued that current tax laws are outdated and called for an economic overhaul.<\/p>\n<p>In a video accompanying his remarks, Newsom proposed directing revenue from such taxes toward creating a national public equity fund aimed at giving Americans stakes in emerging industries like artificial intelligence. But at its core, his message echoes decades-old Democratic calls to tax the wealthy more heavily.<\/p>\n<p>Recently, Newsom opposed California ballot measures proposing a one-time 5% wealth tax on individuals with assets over $1.1 billion-funds that would primarily support healthcare, education, and food assistance programs.<\/p>\n<p>Of course, when discussing new taxes or policies like these, it&#8217;s important to use cautious language such as \u201callegedly,\u201d since actual outcomes often differ from promises made by politicians. Conservatives generally oppose higher taxes not out of disdain for social programs but because they distrust where government funds ultimately go-in recent decades often ending up enriching bureaucracies rather than helping those in need. History shows that socialist policies tend to benefit elites while impoverishing ordinary citizens-a pattern voters should remember.<\/p>\n<p>Both sides agree there are systemic problems; however, conservatives reject increasing government control based on past failures rather than ignoring history altogether by supporting more leftist spending initiatives.<\/p>\n<p>With Mamdani consolidating power in New York City politics-and given his socialist endorsements\u2019 success-we hope voters nationwide will resist similar messages elsewhere. Just look at Newsom&#8217;s recent statements: does he seem genuinely committed to aiding the less fortunate? Or does he appear as another polished politician adept at shifting positions? Remember-the Cold War ended over thirty years ago; younger generations have little memory of ideological battles between Western democracy and Soviet communism.<\/p>\n<p>Today\u2019s political landscape demands new generations confront these old struggles anew-choosing between freedom-oriented values or falling into familiar traps set by socialist rhetoric disguised as progressivism.<\/p>\n<p>For honest reporting defending truth and Western civilization&#8217;s principles-consider making The Western Journal your go-to source on Google today!<\/p>\n","protected":false},"author":1,"featured_media":2619724,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/06\/Gavin-Newsom-billionaire-tax.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[81447,4045,81814,49392,32742],"class_list":["post-2619723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-billionaires-tax","tag-california","tag-economic-reset","tag-federal-policy","tag-gavin-newsom"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2026\/06\/Gavin-Newsom-billionaire-tax.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2619723","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2619723"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2619723\/revisions"}],"predecessor-version":[{"id":2619727,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2619723\/revisions\/2619727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2619724"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2619723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2619723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2619723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}