The California governor's stance on a wealth tax is complicated.

Ballot initiative, opposed by the ultra-wealthy, would levy one-time 5% tax on individuals worth more than $1bn

"Gavin Newsom wants a future for the Democratic Party that consists of sucking up to conservative billionaires," said one progressive critic. "That's a path destined for losses."

Zohran Mamdani said he doesn't think we should have billionaires. Gavin Newsom said he doesn't think California should have a billionaires tax.

The California governor's stance on a wealth tax is complicated.