Gavin Newsom has come out against a high-profile campaign to fund California's broken and exorbitantly expensive healthcare system by taxing the wealthiest residents of the state, as he keeps his eye on 2028.
A political adviser opposing the billionaire tax campaign, Dan Newman, said Gov. Newsom opposes the proposal to levy a one-time 5 percent tax on roughly 200 Californians worth more than $1 billion to “replace lost federal dollars and protect essential services.” The tax would be taken directly from their net worth. Big Tech CEO's like Mark Zuckerberg and Nvidia’s Jensen Huang would be forced to pay billions in taxes.
The "2026 Billionaire Tax Act” would generate over $100 billion in revenue in the first five years, according to supporters, but carries the severe risk of driving wealthy residents from the state. Typical residents are already fleeing due to the out-of-control cost of living and increasing prices.
Newsom has been eyeing a presidential run for years, and this move may be an attempt to appeal to moderate voters who are watching him as a potential 2028 contender. Although Newsom said in October that he would wait until after the 2026 midterm elections to decide whether to enter the race, that definitely doesn’t mean he isn’t making moves, and positioning himself for a run.
He has upped his rhetoric about homelessness, despite his disastrous record, and launched his own podcast, where he has critiqued policies like defunding the police. On other podcasts, he tried to present himself as an ally of gun owners, and even backed away from some radical transgender policies, most specifically men competing in women's sports, characterizing it as an "issue of fairness."
The one policy he has refused to back away from is his stance on President Trump. One of his most appealing qualities to a Democratic Party still gripped by Trump Derangement Syndrome is that he’s positioning himself as the ultimate anti-Trump candidate, even mimicking the former president’s trolling style, from his all-caps Truth Social posts to some of his campaign merch.
Newsom’s strategy seems to be working, at least in part. According to Polymarket data, he is the Democratic favorite for 2028 by a wide margin of 25 points. New York Congresswoman Alexandria Ocasio-Cortez is the runner-up at 12 percent, compared to Newsom’s 37 percent.
California lost 19,000 entry level fast food jobs because of Gavin Newsom's recent wage hike. Yet, he's leading to be the DNC nominee in 2028, according to Polymarket.
— George (@BehizyTweets) November 29, 2025
The opposition ads against Newsom will be delicious. pic.twitter.com/1lGt2Jqz4d
