A take that's negative on Gavin Newsom, arguing his new "billionaire tax" pitch is political theater meant to look populist while protecting his rich donors.

• Newsom is suddenly pushing a national billionaire tax after socialist-backed candidates won upset wins in New York, sensing public anger at the rich.
• His plan closes some loopholes and taxes loans the wealthy borrow against their stock, but it carefully avoids taxing actual wealth.
• That matters because billionaires like Elon Musk take almost no salary, so their real money is in their stock — a wealth tax is the only thing that touches it.
• At the same time he's the leading opponent of a real 5% wealth tax already on the table in his own California, which donors hate because it could actually pass.
• Critics like Bernie Sanders, Ro Khanna, and economist Gabriel Zucman say his loophole plan would raise a tiny fraction of what a real wealth tax would.

Outlook: Expect Newsom's ties to big corporate donors and his dodge on a real wealth tax to become a major weak spot if he runs in the 2028 Democratic primary.