California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an “economic reset for America” agenda, which aides explicitly say is part of his considering to launch a presidential campaign.

California's billionaire tax heads to the November ballot despite Newsom's opposition. Tax passing at 35% YES.

"The fact that the ultra-wealthy and billionaire-backed politicians like Gov. Newsom nearly succeeded in killing it is the single best argument for why we need to tax billionaires…

The ballot measure will decide if California will impose a one-time 5% tax on its billionaire residents, an idea that has been controversial.