California Gov. Gavin Newsom said he supports imposing "a true minimum tax on billionaires" and closing "tax-free lifestyle loan" loopholes for the rich.

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.