California Governor Gavin Newsom endorsed a ballot measure that, if approved by voters, would negate a proposal to impose a one-time tax on billionaires in the state. On October 13, 2026, Newsom supported Proposition 42, which aims to prohibit retroactive taxes that would be imposed by Proposition 40, known as the Billionaire Tax Act.
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Newsom endorses California ballot measure to counter billionaire tax proposal
California Governor Gavin Newsom has endorsed Proposition 42, a ballot measure that seeks to cancel a proposed one-time tax on billionaires in the state. If passed, it would prevent retroactive taxes associated with the Billionaire Tax Act.
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Newsom backs California ballot measure that cancels out billionaire tax proposal
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Newsom endorses California ballot measure to counter billionaire tax proposal