Gavin Newsom Has a Wealth Tax Dilemma

The left is pushing a referendum that will force him to choose as he runs for President

WSJ editorial. Excerpts:

"The tax would be assessed on the shares in public companies at their market value as of Dec. 31, 2026. If share prices later decline, tough. Billionaires would have to pay tax on the “fair market value” of illiquid and intangible assets—e.g., private equity stakes, patents, artwork—based on a certified appraisal.

The only asset exceptions would be real estate, pensions and retirement accounts. Billionaires would likely have to liquidate stock holdings—and pay 13.3% state income tax on their capital gains—or borrow against assets to pay the wealth tax."

"The top 1% pay half of the state’s income tax."