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Newsom urges a national 'billionaires' tax' while fighting one in California
By Jonathan J. Cooper, Associated Press at KPRC 2 Houston / Click2Houston (NBC)
· June 26, 2026
· 4 min read
California Gov. Gavin Newsom, a Democrat who is considering a run for president as he approaches the end of his term, called for a national “billionaires' tax” on Friday even as he fights another proposal targeting the wealthy in his home state. Newsom also said the U.S. government should own a s...
Key takeaway The governor announced his agenda a day after an influential health care union in California pledged to go forward with a ballot measure that would impose a one-time 5% tax on the assets of billionaires living in the state as of Jan.
Why this matters in Magnolia News
As California Gov. Gavin Newsom proposes a national "billionaires' tax", his comments about billionaires being able to move to states like Texas to shelter their income from taxation take on particular relevance for Magnolia residents. With Montgomery County being part of the Houston area, a major economic hub, the potential for wealthy individuals to relocate to the region is a consideration. Newsom's argument that wealth is movable and shops for the state with the lowest taxes could have implications for Texas's tax base and economy. If a national tax policy were to be implemented, it could impact the decisions of billionaires and high-net-worth individuals who might consider moving to Texas, potentially affecting the local economy and tax revenue in Magnolia and surrounding areas. This dynamic highlights the interconnectedness of state and national tax policies and their potential effects on local communities like Magnolia.
About this story
Original reporting by KPRC 2 Houston / Click2Houston (NBC) . Magnolia News surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit KPRC 2 Houston / Click2Houston (NBC) . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: June 26, 2026 ·
Source: KPRC 2 Houston / Click2Houston (NBC) ·
Reading time: 4 min
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Frequently asked about this story
What is this story about? California Gov. Gavin Newsom, a Democrat who is considering a run for president as he approaches the end of his term, called for a national “billionaires' tax” on Friday even as he fights another proposal targeting the wealthy in his home state. Newsom also said the U.S. government should own a s...
When was this published? This article was first published on June 26, 2026 by KPRC 2 Houston / Click2Houston (NBC) and curated for Magnolia News readers.
Who reported this story? This story was reported by Jonathan J. Cooper, Associated Press at KPRC 2 Houston / Click2Houston (NBC). To learn more about how Magnolia News selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from Magnolia News, or browse our daily briefing and topic hubs .
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