California's proposed billionaire tax faces opposition from Gov. Newsom

Name: California's proposed billionaire tax faces opposition from Gov. Newsom
Uploaded: 2026-01-23T21:22:00-0800
Duration: 3 min 3 s
Description: Proposed California ballot initiative would impose a one-time tax on billionaires. Supporters said they're pushing for it to cover the Trump administration's massive cuts to low-income healthcare. Opponents, including Gov. Gavin Newsom, said it could push the wealthiest Californians out of the state. Tom Wait reports.

Proposed California ballot initiative would impose a one-time tax on billionaires. Supporters said they're pushing for it to cover the Trump administration's massive cuts to low-income healthcare. Opponents, including Gov. Gavin Newsom, said it could push the wealthiest Californians out of the state. Tom Wait reports.