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Newsom Warns Wealth Tax Might Hurt California, Says Market is Holding Trump Accountable
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January 29, 2026
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California Governor Gavin Newsom told Bloomberg's Brad Stone that he believes that in spite of creating a windfall for the state, a tax on California's billionaires would pose longer-term issues, including an exodus to other, lower-tax states. Newsom said that despite President Trump's claims that the market does not factor in to his decision making, it is the 'only thing he seems to pay attention to' and acts as a check on the White House. Newsom also weighed in on the immigration crackdown across the country and the fallout from the fatal ICE shootings in Minneapolis.
California Governor Gavin Newsom warned that a proposed one-time tax on billionaires will backfire by prompting the ultra-rich to leave the state.
“The impact of a one-time tax does not solve an ongoing structural challenge,” Newsom said Thursday at a Bloomberg event in San Francisco. “You would have a windfall one time and then over the years you would see a significant reduction in taxes because taxpayers will move.”
The potential levy, which a labor union is trying to get onto the state’s November ballot, has split Democrats.
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