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Gavin Newsom sparks firestorm over call for national billionaires tax

California Governor Gavin Newsom sparked a firestorm over his call for a national wealth tax on billionaires, a flashing warning sign that open class warfare is back at the top of the Democratic Party’s agenda.

In a Friday video posted to social media, the outgoing governor made his pitch for an “economic reset for America” and a “new social contract” at a time when billionaires are fleeing his state to escape a looming 5 percent levy on their wealth and policies hostile to the rich, measures that Newsom wants to export to the entire nation.

“It’s time for a national billionaires tax and a new social contract. 10% of Americans own two-thirds of the wealth. Wages have stagnated. The cost of living has skyrocketed,” Newsom said in his post to X. “The system is fundamentally broken.”

“The federal tax code, a corporate code, and an inheritance code were written for a different set of Americans,” he added. “It’s time for an economic reset.”

Newsom also linked to a manifesto posted to his Substack page in which he invoked the “D” word as a cloak for his Marxist proposal. “We must democratize the American economy to save democracy,” the screed is subtitled.

The governor’s post comes as he came out in opposition to the California Billionaire Tax Act, a redistributive scheme that has the blessing of Sen. Bernie Sanders (I-Vt.), the nation’s most high-profile socialist and a man who has been largely responsible for driving the Democrats’ shift into outright communism.

The message is significant as Newsom prepares to mount a run for the White House and is seen by many as the 2028 Democrat front runner.

Newsom’s timing is also convenient, as his call for a nationwide billionaire tax comes after the shocking primary wins by three overt socialists in New York City, all of whom were endorsed by “communist lunatic” Mayor Zohran Mamdani, a result that has spooked the establishment.

As could be expected, Newsom’s declaration of class war was met with a strong reaction from X users.

“The billionaire tax is going to destroy Gavin Newsom’s state—the majority of the state’s ultra-wealthy are already making exit plans—so he wants to pawn it off on the entire nation. This is a bad idea, proposed by a bad man, that will produce bad results. Must be stopped,” wrote Manhattan Institute senior fellow Chris Rufo.

“One minute you’re a Democrat, next minute you’re a socialist. Did the DSA break you? You know the billionaire tax is a bad idea,” wrote podcaster and businessman Patrick Bet-David. “Why not stand your ground as a democrat instead of joining the socialist camp? Terrible strategy.”

Venture capitalist David Sacks, the co-chair of the President’s Council of Advisors on Science and Technology, wrote, “Today was the day that Gavin Newsom was supposed to save the tech industry by cutting a deal to kill the Billionaire Tax Act. Instead he came out as DSA-adjacent, and BTA will be on the ballot in November. See y’all in Texas!”

Actress and filmmaker Justine Bateman suggested that Newsom is just trying to paper over his disastrous tenure as California’s governor.

“Truly a spoilt brat, trust-fund child demanding that ‘mommy and daddy’ tax payers keep handing him money, even though he lost or mishandled what you gave him yesterday,” she said in a scathing post.

One prominent MAGA influencer dug up some inconvenient details from the past to illustrate the oily political chameleon’s hypocrisy.

Newsom is clearly looking to exploit class resentment and hoping to surf the socialist wave all the way to the White House.

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