Gavin Newsom urges a national 'billionaires' tax' while fighting one in California

California Governor Gavin Newsom advocated for a national "billionaires tax" on Friday, coinciding with his opposition to a similar wealth tax initiative in his home state. The proposed national tax aims to address wealth inequality and could be implemented alongside a potential US government stake in artificial intelligence companies. Newsom's call for a federal tax comes one day after California officials validated a ballot measure, the California Billionaire Tax Act, which seeks to impose a one-time 5% tax on individuals with a net worth exceeding $1 billion. This state-level proposal, spearheaded by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), is intended to generate revenue for California's healthcare, education, and food assistance programs. Newsom, widely anticipated to contend for the presidency in 2028, is actively engaging in discussions around fiscal policy and the economic implications of burgeoning technological sectors.