Name: California Wealth Tax Backlash
Uploaded: 2026-01-18T17:26:00Z
Duration: 5 min 31 s
Description: Journal Editorial Report: Billionaires flee as Newson vows to fight the proposed ballot measure.

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Journal Editorial Report: Billionaires flee as Newson vows to fight the proposed ballot measure. Photo: Godofredo A. Vásquez/Associated Press

https://m.wsj.net/video/20260118/592f9872-dc63-4125-8f35-920355c59da2/1/hls/manifest-hd-wifi.m3u8

Journal Editorial Report: Billionaires flee as Newson vows to fight the proposed ballot measure.

California Wealth Tax Backlash

California Governor Gavin Newsom vowed this week to stop a proposed wealth tax in California, telling "Politico" that the plan, quote, "Makes no sense". The likely 2028 Democratic presidential hopeful said that he's been working behind the scenes to kill the proposal, which would require residents with a net worth of at least $1 billion to pay a one-time tax equal to 5% of their assets. Proponents of the measure still need to collect nearly 900,000 signatures to qualify for the November ballot, but some of California's wealthiest residents, including Google co-founders Larry Page and Sergey Brin, have already begun moving their businesses out of the state. So let's bring back our panel. Allysia Finley, let me start with you since you follow California very, very closely. Has Gavin Newsom sort of finally seen the light that maybe high taxes are not good for the state? Or is this just a cynical political move?

Unfortunately, I don't think he has. He is opposing this tax measure on the grounds that it could cause rich people to flee his state and go to other states. But he isn't opposing it on the grounds that a wealth tax is actually confiscatory. Now, there are a lot of things he could actually do to stop this measure from getting onto the ballot, including suing to prevent it, as he did to actually stop an anti-tax measure in 2024. You could also play hardball with the union, the SEIU-UHW, which is a pioneer pushing this initiative, and say, "Well, if you're gonna put this on the ballot, then we're gonna repeal some laws like a $25 minimum wage for healthcare workers that has benefited you." So I think if he really had the political courage, he could get this initiative off the ballot.

Kim, all indications are that he looks like he's running for the Democratic nomination in 2028. Blocking this measure would presumably play quite well with those very wealthy Democratic donors that he'll need in that contest.

Yes, this is all about Gavin Newsom positioning. Look, if Gavin Newsom really believed that taxes were a problem and that it caused people to flee the state, he'd be advocating to try to dismantle more of California's obscene tax structure that has there, which has already caused an outflow of folks from California. This he sees as a one place where he can distance himself from the super progressives in the rest of his party. He's been doing that in some other areas, cultural areas here or there. You're right, it will make him a little more attractive to some of those Democratic donors that he's gonna need behind him. But also this is just his positioning so that he can go into this race, draw some distinctions with other pure progressives, and present himself as a more tolerable Democrat to the country.

And Kim, I think he's saying he doesn't necessarily oppose a federal wealth tax of the likes that Bernie Sanders and others have proposed, right?

Yeah, I mean, as far as I know, this is the only tax Gavin Newsom has ever said that he has any problem with ever.

Bill McGurn, as you look at California and you see the ever-rising tax, does there ever come a point, do you think, where they decide enough is enough?

No.

No, that's what the modern Democratic party's about. Never enough. I was born in California. I wasn't chased out by taxes. I left when I was two or something. But it's so noticeable, no one even pretends that this tax is good or gonna produce these great results. You know, there's not even debate for that. And if Gavin Newsom is right, and I think he is, that makes no sense, what about all the other taxes that Kim was alluding to, or Allysia? There's so many, they might not be as high, but they have the same result. I think modern American liberalism have become about punishing and not producing, just punishing the wealthy, and not even the pretense that it's gonna lead to free healthcare or something.

And Allysia, whether or not this succeeds, the exodus from California of wealthy individuals and their companies just continues, doesn't it?

Well, I think that's right, and that's because of its otherwise high-tax environment. It has a 13.3 top rate on people who earn more than a million dollars, that's the second highest in the country. And then, you have all kinds of really burdensome regulations on businesses which are effectively taxes. And it's not just millionaires and average people who are leaving. You actually have a lot of middle-class people who are leaving because they can't afford the state.

So all of this, you know, we're talking about 2028 and Newsom running. Kim, what's your sense? California does have this status as a high-tax, very progressive state. Newsom's been running it for years. Does he really have a chance of winning the Democratic nomination still, or even still less the presidency in 2028? What's your thought?

Well, this is the biggest millstone around his neck, which is that California is the poster child for what you don't wanna do if you want a successful economy. And his main bragging right is that he's been in charge of that. So, again, some of this distancing, he is gonna try to now act as though he wasn't the guy that was in charge and doing that, but he's got a long way to go if he wants to convince the American public.