Newsom proposes federal billionaire tax and AI "public equity" fund

California Governor Gavin Newsom is advocating for a federal tax on billionaires and a government-backed fund to invest in artificial intelligence, aiming to redistribute wealth and promote public benefit. This move comes as he considers a presidential run in 2028, reflecting a progressive stance on wealth inequality and tech investment. While he backs the idea of taxing the ultra-wealthy, he opposes a state initiative on the same, suggesting a nuanced approach to fiscal policy. These proposals highlight the growing national conversation on wealth distribution and the role of government in regulating tech advancements.