We wrote Sunday about California’s proposed wealth tax, which would slam billionaires with a one-time five percent assessment on their worldwide net worth. Since most billionaires by nature are not stupid, many of them are getting ahead of the game and moving their residences and/or operations to other states, reportedly costing the Golden State at least a cool trillion dollars so far. The billionaire founders of Google, Larry Page and Sergey Brin, worth a combined $518 billion between them, are among the high-profile names reportedly jumping ship.

As we all know, Gov. Gavin Newsom has been showing all the signs of gearing up for a presidential run — while paying no attention whatsoever to the myriad problems festering in his own state — but he didn’t get this far by being unable to read the room. He’s doing what any slippery politician would do: pretending that he has nothing to do with the tax and is fundamentally against it. He also has a bridge in San Francisco that he could sell you for a really good price…

On Monday, he told Politico that the proposal was “his worst nightmare”:

“This is my fear,” the California governor said. “It’s just what I warned against. It’s happening.”

Newsom has been a vocal opponent of the proposal — a 5 percent tax on billionaires’ assets floated by a health care workers’ union — and he said he has been working behind the scenes for months to convince the labor group to stand down.

A likely presidential contender in 2028, Newsom said that “a national conversation” about wealth taxes could be worth having.

We need a "national conversation" about it? No, we don't. It's a terrible, socialist-style idea; there, conversation over. 

Newsom unloads on California wealth tax proposal: ‘Makes no sense’ https://t.co/XdBOl4Q7cu

— POLITICO (@politico) January 13, 2026

CALIFORNIA CRAZY: From Golden to Broke: Billionaires Ditch Newsom's California, Take $1 Trillion With Them

Largest CA Public Retirement Program Adds DEI Investing 'Principles' — What Could Possibly Go Wrong?

The punitive measure still needs 900,000 signatures to qualify for the November ballot. “It makes no sense,” Newsom complained to the outlet. “It’s really damaging to the state.” (Now that is one subject he is truly an expert on.)

NEWSOM AGAINST WEALTH TAX IN CALIFORNIA

“You can't isolate yourself from the 49 [other states]. We're in a competitive environment. People have this simple luxury particularly people of that status. They already have two or three homes outside the state. It's a simple issue.… pic.twitter.com/JCJKJDzi30

— Ron Pragides  (@mrp) December 27, 2025

The problem with Newsom’s protestations? The proposal is backed by the powerful public sector union, the SEIU United Healthcare Workers West (SEIU‑UHW) — whose parent, the SEIU, is the very union that Newsom has spent his political career accepting massive donations from and bowing to their demands.

Moreover, Newsom is the captain of the Golden State ship and has been for seven years. He has fostered an environment of high taxes with little to show for them, and the corruption in the state is widely rumored to make Minnesota's look like playground antics.

Lastly, does anybody really think he wouldn't be for this proposal if he weren't running for president? He's never met a tax he didn't like before.

MORE: Trump to California, Newsom: You're 'More Corrupt Than Minnesota,' and We're Coming for You

The next presidential election may seem very far away, but the jockeying for position has already begun. The GOP, and whoever ends up being their standard-bearer, must remind voters every step of the way of the endemic failure overseen by Newsom. He can flip and flop like a beached fish and try to distance himself from this asinine proposal all he wants, but the reality is that over a trillion dollars just hit the exit, and he is the man at the helm.

You helped create the Golden State's one-party progressive nightmare, Mr. Newsom, and now you have to live with it.

Editor’s Note: California is the poster child for everything that is wrong with the Democrat Party and the “progressive” movement.

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