Gavin Newsom now supports a national wealth tax — bad news for high earners and the wealthy, who would face a one-time tax on assets, not just income.

• Newsom flipped from opposing California's wealth tax to backing a national "billionaire's tax" plus a minimum tax reaching the top 10% of earners.
• The top 10% starts around $155K for individuals and $255K for households — in cities like LA or Manhattan, that money doesn't go far.
• This is a tax on what you own, not what you earn — critics call it a one-time asset seizure of about 5%.
• The shift is pinned to politics: democratic socialist wins in New York primaries pushed Newsom to chase that wing of the party.
• California's finances are cited as the warning sign — a $100B surplus turned into a deficit, and billionaires may leave rather than pay.

Outlook: Expect this to become a 2028 campaign flashpoint as Newsom courts the party's left, with wealthy residents weighing whether to leave high-tax states.