The governor of California put on the table a proposal aimed at charging a national tax on billionaires in what he defines as the start of an “economic restart for the United States.”

"The system that America's founders built was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, and for decades. We can reverse it together, as a country," the Democrat wrote in an op-ed published on Substack, titled: "It's time for a national billionaire tax and a new social pact."

The Californian president's plan considers the possibility of imposing a minimum tax for anyone with more than $100 million dollars, in order to somewhat balance the situation faced by the average American worker with the tax burden imposed by the federal government.

Newsom is convinced that his proposal would lay the foundations for a protection mechanism against the changes that the adoption of artificial intelligence will trigger in the economy.

"We must ensure that every American has a stake in the future that AI is building through a national public capital fund that takes a significant stake in the new economy. In short, as artificial intelligence transforms the country, every American should own a part of the future it builds," he stressed.

The politician who is among the candidates for the Democratic presidential candidacy in 2028, contemplates in his proposal prohibiting the rich from requesting loans by offering their stock portfolios as collateral to finance their ostentatious lifestyles, for which they also usually do not pay taxes.

Another controversial point raised by the Californian president is that new rules for inheritance taxes should be implemented.

“The transfer of wealth among the ultra-rich will cement a permanent American aristocracy based on inheritance,” he warned.

From Gavin Newsom's perspective, the American tax code is a system designed to benefit a small elite.

"Money buys influence, and influence rewrites the rules. Those rewritten rules channel even more wealth to a few. Under this weight, democracy itself begins to falter," he said.

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