Even Gavin Newsom knows his wealth-tax flip-flop won’t work

Opinion editorial Even Gavin Newsom knows his wealth-tax flip-flop won’t work By Post Editorial Board Published July 5, 2026, 7:32 p.m. ET California Gov. Gavin Newsom pushed back against a wealth tax that would drive billionaires out of his state -- but supports one for the whole nation. David Buchan for Ca Post See more of our coverage in your search results. Add The New York Post on Google Gov. Gavin Newsom seems to understand the folly of a wealth tax in California, yet he’s suddenly pushing one for the whole nation. Sorry, Gav — you had it right the first time: It’s bad for your state and for the country. Newsom has opposed a California ballot measure that would slap a one-time 5% tax on residents whose net worth exceeds $1 billion.

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