Governor Gavin Newsom attends the 94th Annual Meeting of the United States Conference of Mayors on June 4, 2026 in Long Beach, California.
Milanelli Fabian | Anadolu | Getty Images
California Gov. Gavin Newsom, widely seen as a 2028 presidential candidate, on Friday called for a nationwide tax on billionaires as part of a broader agenda to usher in what he called “America’s economic reset.”
In a post on Substack and an accompanying video posted to social media, the Democratic governor reiterated his support for raising taxes on the nation’s wealthiest people, but opposes a state-level wealth tax that Californians will vote on in November.
The next presidential election is more than two years away, but speculative lists of candidates from both major political parties have already emerged, with Newsom near the top of the Democratic list.
The 58-year-old, whose term-limited term as governor ends in early 2027, has admitted he is already considering a run for the White House. Earlier this month, he accused President Donald Trump of ordering the Justice Department to investigate him and his wife “because I’m considering running for president.”
Mr. Newsom’s early introduction of the possibility of a fiscally focused campaign platform echoes proposals already being floated by other Democrats, including those seeking to run for the nation’s highest office, like Rep. Ro Khanna (D-Calif.).
Newsom framed his economic message in terms of a broad coalition of working Americans who have been disadvantaged by a system that unfairly biases the wealthy.
“They did everything right, but the system is still not doing anything,” the governor wrote in a post Friday. “What stands in their way are federal tax, corporate, and inheritance laws written for different Americans.”
Newsom said he supports “a true minimum tax on billionaires, the modern-day Buffett rule that ensures those at the very top pay at least as much in taxes as their workers pay.” Legendary investor Warren Buffett advocated wealth redistribution.
He also called for an end to various tax perks and benefits that give the super-rich “a unique private tax code full of loopholes and exemptions that most people have never heard of.”
That includes eliminating what he calls “tax-free lifestyle loans” (a controversial tactic also known as “buy, borrow, die”), where people borrow money against stocks and other large assets to lower their taxable income.
Some of the world’s richest people have been accused of exploiting this strategy. Amazon Founder Jeff Bezos recently told CNBC that if it’s a “real loophole,” it should be closed.
Newsom also called for rewriting inheritance rules and restoring corporate tax rates to pre-2017 levels, ahead of a major tax cut law signed into law during President Trump’s first term.
Newsom proposed creating a “national equity fund” to “ensure that every American owns a stake in the future built by AI.”
But he remained opposed to the billionaire’s tax plan, which is scheduled to be voted on through a ballot proposal in the state later this year.
The California-specific tax, a one-time 5% levy on billionaires’ total assets, is being advanced to the vote after the health care unions pushing the measure refused to repeal it by Thursday’s deadline.
Newsom and other critics argue the state’s proposal would drain wealth from California and the resulting revenue would not be used to fund key priorities.
“The fight to make the wealthiest Americans pay more in taxes is not one that should be fought state by state,” Newsom wrote. “You may not be able to move to Texas or Florida to protect your income from taxes, but I promise you that millionaires can and do.”
