Gavin Newsom calls for national billionaires tax: 'It's time for an economic reset'

Governor Gavin Newsom attends the 94th Annual Meeting of the United States Conference of Mayors in Long Beach, California on June 4, 2026. Myraneli Fabian | Anadolu | Getty Images California Gov. Gavin Newsom, who is widely viewed as a 2028 presidential contender , on Friday called for a nationwide tax on billionaires as part of a broader agenda to to usher in what he's calling an "economic reset for America." The Democratic governor, in a Substack post and accompanying video posted on social media, backed hiking taxes on the nation's richest — but reiterated his opposition to a state-level wealth tax that Californians will vote on in November. The next presidential election is more than two years away, but a speculative roster of names for both major parties has already emerged, with Newsom near the top of the list for the Democrats. The 58-year-old, whose term-limited governorship ends in early 2027, has already acknowledged he is mulling a White House bid. He did so earlier this month , when he accused President Donald Trump of ordering the Department of Justice to investigate him and his wife "because I am considering running for president." Newsom's early rollout of a possible finance-focused campaign platform echoes proposals that have already been put forward by other Democrats — including some, like Rep. Ro Khanna , D-Calif., who are also flirting with a run for the highest U.S. office. …