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It's time for a national billionaires’ tax and a new social compact

Gavin Newsom · 26 Jun 2026

Read the piece on gavinnewsom.substack.com ↗

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Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.

  1. Our reading

    California's 2026 ballot wealth tax should be voted down.

    Their wordsLast night, it became certain that a wealth tax would be placed on the November ballot in California. I’m voting no.

  2. Our reading

    Taxing the wealthiest more is a federal fight, not one to wage state by state.

    Their wordsAt the same time, the fight to make the wealthiest Americans pay more in taxes is not one we should be fighting state by state.

  3. Our reading

    The US should adopt a national billionaires' tax: a minimum tax so the very top pay at least their workers' rate.

    Their wordsSo here is what I support: A national billionaires’ tax. A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.

  4. Our reading

    Trickle-down economics has been a failed experiment.

    Their wordsTrickle-down economics has been a nearly 50-year experiment that has failed.

  5. Our reading

    Every American should own a stake in the AI economy through a national public equity fund.

    Their wordsWe need to ensure every American owns a stake in the future being built by AI through a national public equity fund that takes a major stake in the new economy.

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