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Newsom backs ban on state wealth taxes

Original: Newsom backs wealth tax ban

California Governor Gavin Newsom has come out in support of a constitutional amendment that would bar the state from imposing a wealth tax. The move puts him against progressive Democrats who have pushed taxes on billionaires, and it is being read as a sign he is positioning himself as a moderate ahead of a possible 2028 presidential run. Critics call it a betrayal; business groups welcome it.

Why now: Newsom's break with his party's progressive wing fuels speculation about his presidential ambitions

Gavin NewsomCaliforniaDemocratic Party

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