YIKES! Newsom Just Endorsed a New National Wealth Tax, Signaling Huge Shift Toward Socialism

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.”

It won’t work, at least I don’t think so. 

Three things:

1. “It’s time for an economic reset” is the most terrifying thing I’ve ever heard an American politician say. If you don’t get what those words portend, you don’t understand 20th century history.

2. Among Democrats, Newsom is considered a moderate, not a… https://t.co/2wsv9FpvnR

— Robert Sterling (@RobertMSterling) June 26, 2026

Three things:

1. “It’s time for an economic reset” is the most terrifying thing I’ve ever heard an American politician say. If you don’t get what those words portend, you don’t understand 20th century history.

2. Among Democrats, Newsom is considered a moderate, not a progressive. His endorsement of a wealth tax makes it an official part of the Democratic Party platform for moderates and progressives alike; the policy is now table stakes for any Democrat seeking office at any level and in any region. We are no longer going to be able to escape this by simply claiming it’s the fringe left advocating for it.

3. Notice that Newsom calls it a “billionaires tax” but references the wealth of the top 10%. If you think a tax such as this would be limited to billionaires, you are delusional (remember that the income tax originally applied to less than 1% of earners). Billionaires have an entire industry of wealth managers, lawyers, and tax advisors helping them shelter assets. When this “billionaires tax” fails to collect even a small percentage of what Democrats promise it will, they will quickly expand it to apply to anyone with even $5M of assets (which is a top 2% net worth). Ordinary people far below the level of the ultra-wealthy—main street small business owners, mom-and-pop real estate investors, farmers, anyone with a decent-size nest egg in their IRA or 401k account—will quickly feel the pain as well.

Pay attention. This is serious, it’s not going away, and it’s going to come for all of us, billionaire or not.

Gavin Newsom’s call for a “reset” should chill every bone in your body. Reset. Reboot. Turning the computer off and then on. Whatever you call it, it is nothing short of destroying the old and replacing it with the new, by seizing the means of production. 

After all, nobody has a billion or a trillion dollars. Those are notional numbers based on the percentage ownership the “billionaires” or “trillionaires” hold in companies. It’s not a tax but a seizure of property and a transfer of ownership stakes in companies that these men and women have, for the most part, founded. 

Newsom is joining Ro Khanna, who actually represents Silicon Valley and, hence, a whole lotta billionaires, in betraying capitalism and trying to get in good with the Bolsheviks. Both are beneficiaries of the system they are trying to destroy. Newsom, by leveraging his ties to the Getty Oil fortune into a political/economic empire that has made him wealthy and powerful, and Khanna, by taking the wealth he married into and through insider stock trading, turned it into a quarter of a billion dollars. 

Working class, my ass. 

Our message to the oligarchs: bring it on.

After last nights decisive wins, have a new, strong, bold Democratic party. pic.twitter.com/cGqpQozYcn

— Ro Khanna (@RoKhanna) June 24, 2026

I have been spending the day examining the now-hot civil war in the Democratic Party, and the Organized Crime Democrats are having to choose between defending their turf, which appears to be a losing bet, and trying to join the Bolsheviks, which will almost certainly be a losing bet in the long run. 

Newsom’s embrace of a “reset” and seizing wealth will likely not do much for his primary prospects, but it does send a dangerous signal to many ordinary Democrats that maybe the socialists have a point, normalizing communism and moving the Overton Window farther left. 

This is why conservatives and moderates shouldn’t be enjoying the Democratic Party’s civil war. It may be fun to watch the show, but the damage will extend far outside the circle of their party. At least some centrist voters will move left, while others will be repelled and move right. It’s hard to predict how many go each way. It’s not like the mood in the country isn’t very sour, and unhappy people do unpredictable and often stupid things. 

See: COVID. Freedoms can disappear quickly. 

Other First World countries have committed economic suicide. Argentina used to be the 7th largest economy in the world. Then it became fascist/socialist, and it has taken decades to just get back on the right track. Europe has been committing economic suicide. 

America could too. 

Newsom’s move shows that at least some, and probably many, Organized Crime Democrats are going to try to throw the babies and old people to the ravening wolves, and you and I are those babies and old people. 

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