"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."

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."