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California billionaire tax and legislative disputes

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2026-10-17 10:21 UTC → 2026-10-21 03:04 UTC · added ~~removed~~

California Governor Gavin Newsom has expressed opposition to Proposition 39, a proposed billionaire tax. His stance aligns with efforts to defeat the measure, as well as opposition to Propositions 40, 41, and 42. Additionally, Newsom vetoed legislation intended to expand retirement benefits for state public safety officers, maintaining 2012 reforms designed to address public retirement fund shortfalls. The tax dispute involves competing ballot initiatives. Proposition 40 would impose a one-time 5% tax on the net worth of billionaires residing in California as of January 1, 2026, to fund healthcare and other services. Conversely, Newsom supports Proposition 42, which would prohibit the state from establishing new taxes on financial asset ownership, personal property, or certain retroactive taxes. If passed, Proposition 42 could prevent Proposition 40 from taking effect. Newsom’s position has drawn public criticism from progressive figures, including actor Mark Ruffalo and Representative Ro Khanna. Ahead of the November 3 election, Ruffalo ~~described~~ has intensified his criticism on social media, describing the Governor’s stance as ‘more than sad’ and ‘disappointing.’ Ruffalo further suggested that Newsom’s position could be ‘disqualifying’ for ~~those~~ any politician seeking higher office, arguing that ~~Newsom~~ the Governor is siding with wealthy interests while the ~~cost~~ state faces rising costs of living ~~rises.~~ and healthcare challenges.

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