David Strom writes for HotAir.com about a disappointing policy shift from California’s governor.
Gavin Newsom has, until now, opposed wealth taxes, or so-called “Billionaire” taxes.
No longer. Joining Ro Khanna, Elizabeth Warren, and the more radical left-wing in his party, he is jumping on board the crazy train, calling for an “economic reset” by seizing a fraction of the wealth—almost all of which is unrealized capital gains, and hence the ownership of companies and not actual cash money—and transferring to the government to spend on…whatever. Making the world poorer but “fairer.”
While I know you think of Newsom as a Lefty-Democrat, he is the archetypal Organized Crime Democrat, who mouths all the “Correct” liberal nostrums as he pillages the state, accumulating wealth and power. I need to find the photo of Newsom I once saw, wearing a $3000 suit, $1200 shoes, walking by homeless people on the street without noticing.
It captured him perfectly.
California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an “economic reset for America” agenda, which aides explicitly say is part of his considering to launch a presidential campaign.
“The system America’s founders built was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades,” Newsom writes. “We can reverse it together, as a country.”
It is extremely early in the presidential campaign cycle for a policy proposal — but comes as Democrats continue to embrace economic populism and moves against the wealthy. It also comes as California voters in November will decide on a billionaires’ tax after the governor and opponents of the tax late Thursday failed to reach a deal to keep it off the ballot.
Newsom has viewed the billionaires in his state as a source of wealth for himself and his friends, and as a steady stream of money for his state-level corruption. But with the Bolshevik wave and his aspirations to become president, he is trying to appeal to the DSA crowd while beating back the California “Billionaire Tax.”
