Gavin Newsom’s billionaire tax two-step: squeeze the rich nationally, spare California’s donor class

Gov. Gavin Newsom is advocating for a national billionaire tax as he considers a future presidential bid, but critics argue that his state's high tax burden has already caused many residents to leave California. Meanwhile, he's seemingly prioritizing the interests of California's wealthy donors, suggesting a potential conflict between his national ambitions and local policies. This situation highlights the ongoing tension between progressive taxation and the preservation of political and financial elites' influence.