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

California Gov. Gavin Newsom has proposed a national tax on billionaires, arguing it's essential for an economic reset and addressing wealth inequality. He's pushing for a minimum tax on the ultra-rich and wants to close loopholes that let the wealthy borrow money tax-free for luxury lifestyles. This move reflects growing concerns about the economic divide and suggests a shift toward more progressive taxation to fund social programs and address systemic inequities. Newsom's call comes as a growing number of policymakers consider similar measures to redistribute wealth more fairly.