Gov. Gavin Newsom (D-CA) emphatically pushed back against suggestions that he supports a controversial wealth tax proposal in the Golden State.
This week, the Wall Street Journal’s editorial board released an op-ed railing against a Democratic bill that would try to close California’s massive budget deficit by instituting a wealth tax. The editorial never said Newsom supports such a proposal, although it led with a photo of the California governor alongside the piece.
The bill in question, which has now been shelved, would have imposed a 1% tax on the total net worth of those with assets in excess of $50 million and a 1.5% levy on billionaires. Newsom, who is seen as a potential presidential contender down the road, trashed the suggestion he supports or has ever supported such a tax.