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.

California’s governor, who is considering a White House run, proposed an expansive national wealth tax last week, as well as an initiative to give Americans a stake in AI.

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