"The impact of a one-time tax does not solve an ongoing structural challenge, Newsom said on Thursday at a Bloomberg News 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."
"I'm very mindful as a guy who budgets for this state that we rely on a very small number of people that allows us to do historic things, he said, citing an existing millionaire's tax that has funded behavioral health programs."
"I've met with all of them, Newsom said. Some will never give a penny away. Some I respect. Some I don't."
California Governor Gavin Newsom warned a proposed one-time 5% wealth tax on billionaires would prompt ultrarich residents to leave and reduce long-term tax revenue. The measure would fund tens of billions in federal health-care cut offsets and is backed by SEIU-United Healthcare Workers West. Newsom cannot veto the ballot measure if it qualifies and has engaged with the union and concerned wealthy residents to seek alternatives. He noted reliance on a small number of taxpayers to support major programs and cited an existing millionaire's tax that funds behavioral health services. Some billionaires have already left the state.
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