Gavin Newsom opposes billionaire tax and vetoes retirement benefit expansion

California Governor Gavin Newsom has expressed opposition to Proposition 39, a proposed billionaire tax. Newsom’s stance aligns with wealthy contributors who are working to defeat the measure, as well as those opposing Propositions 40, 41, and 42.

Additionally, Newsom vetoed legislation that would have expanded retirement benefits for state public safety officers. The veto maintains a 2012 reform established under Governor Jerry Brown, which set the retirement age at 57 and capped the maximum service rate at 2.7%. This decision prevents the reversal of previous measures intended to address shortfalls in public retirement funds.