Gov. Gavin Newsom Calls for Federal Billionaire Tax and AI Public Equity Fund

California Governor Gavin Newsom urged Congress to eliminate the “buy, borrow, die” tax strategy and to adopt a national minimum tax on billionaires. In a Substack post he proposed a federal billionaire tax – a modern “Buffett Rule” – that would ensure the ultra‑rich pay at least the same rate as their workers, and he opposed a state‑level wealth tax in California, arguing the fight belongs at the federal level.

Newsom also called for a “public equity” fund for artificial intelligence, saying the nation should ensure every American owns a stake in the AI‑driven economy. He highlighted an upcoming $124 trillion intergenerational wealth transfer, urged reforms to inheritance rules, a return to pre‑2017 corporate tax rates, and the closing of offshore loopholes. The governor linked these proposals to broader goals such as universal child‑care, free higher‑education and career training, and a new industrial policy for the AI century.