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 stake in artificial intelligence companies. His proposals, outlined in a Substack post, aligns him with the Democratic Party’s populist left, and he argued that urgent changes are needed to prevent the elite concentration of wealth and power from undermining democracy.

“It’s time for an economic reset for America,” Newsom wrote.

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. 1, 2026.

Newsom opposes that measure, as do many of the liberal interest groups that typically favor higher taxes. They fear it would drive billionaires out of California, eroding the state’s tax base over the long term for a one-time influx of cash. A technology mecca, California has more billionaires than any other state — a few hundred, by some estimates.

“You may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do,” Newsom wrote. “Wealth is movable, and it shops for the state with the lowest taxes. The fight belongs at the federal level, where this broken system was created in the first place.”

A minimum tax on large net worths

Newsom said the solution is a new national tax policy, rather than a state-by-state system. He proposed a minimum tax on anyone with a net worth above $100 million. He also wants to make it illegal for the wealthy to borrow against their stock portfolios to fund their luxury lifestyles tax free.

Newsom said there should be new rules for inheritance taxes, warning that “the transfer of wealth among the ultra-wealthy will lock in a permanent American aristocracy of inherited wealth.” And he wants to raise corporate tax rates to where they were before President Donald Trump’s first-term tax cut.

READ MORE: Sanders and Newsom clash over proposed tax on California’s billionaires

The need is especially urgent as artificial intelligence threatens to displace workers and further concentrate wealth, he wrote.

“We need to ensure every American owns a stake in the future being built by AI through a national public equity fund that takes a major stake in the new economy,” he wrote. “Simply, as artificial intelligence reshapes the country, every American should own a piece of the future it builds.”

Revenue generated by his proposals could be used to retrain workers, fund universal child care, make college free and increase funding for health care.

‘Money buys influence’

Newsom, who has drawn attention as one of Trump’s most high-profile political antagonists, is getting an early start on laying out a policy framework for his potential White House bid months before the midterm elections, which have typically marked the informal start of overt presidential campaigning.

WATCH: News Wrap: Newsom says Trump ordering DOJ to investigate him and wife

The embrace of a wealth tax by Newsom, a moderate on tax policy despite his liberal reputation, signals a notable shift in the political landscape since Massachusetts Sen. Elizabeth Warren struggled to get traction in her 2020 campaign, which she largely centered around a 2% levy wealth tax.

Newsom portrayed the nation’s tax code as a corrupt system built to help an elite few.

“Money buys influence, and influence rewrites the rules,” he wrote. “Those rewritten rules funnel even more wealth to the few. Under this weight, democracy itself starts to buckle.”

This is the latest instalment of The Inside Story, Wallpaper’s series spotlighting intriguing, innovative and industry-leading interior design.

Nestled at the base of the San Gabriel Mountains in Sierra Madre, a 1947 adobe home – a traditional building method using sun-dried bricks of organic materials – has been reimagined. Removed from the noise and polish of Los Angeles, this neighbourhood is shaded by California oaks, eucalyptus and pine, and shares its hillside with bears. It’s an unusual setting for a design story.

The home’s transformation began with a fire that destroyed much of the structure, leaving only the original adobe brick wall standing. Rather than rebuild from scratch, designer Kirsten Blazek of A1000XBetter chose to work with what remained.

‘The overall vision was to maintain as much of the original character and style of the home as possible, while making it more functional for modern living,’ she explains. New rooms were added – a kitchen, a primary suite, a family room – though the expansion was restrained. ‘We worked mainly within the original footprint,’ the designer notes, ‘only adding a small amount of square footage for the primary closet.’

On the original adobe side, the layout was left untouched. The hallway windows, original to the 1947 build and ‘one of [Blazek’s] favourite features’, were preserved. ‘I wanted the house to feel like a modern California hacienda,’ she says of her guiding aesthetic, ‘and embraced that through every colour choice and finish.’

Prosecutors Honored for Their Work to Protect Wildlife; Southern Resident Killer Whale Named CESA Candidate

Anticipating a larger presence of white sharks in Southern California as a result of warmer El Niño ocean conditions, the California Fish and Game Commission (Commission) adopted emergency regulations at its June 17-18, 2026 meeting to further protect the large ocean predator and reduce the potential for dangerous interactions with ocean users. These regulations will prohibit the use of certain fishing gear from beaches and nearshore that are used to hook large sharks and could create hazards for nearby beachgoers.

Forecasted warmer waters shift the preferred range for juvenile white sharks northward from Mexico and lead them to stay in California nearshore areas later in the year. The emergency regulations protect not only white sharks but also people recreating in the ocean, decreasing the risk of dangerous human encounters with sharks that are hooked with wire leaders from piers and beaches.

Specific gear types used to target large sharks, including hooks greater than 1.5 inches in maximum inside measurement and wire or metallic lines and leaders, will be prohibited when recreational fishing from shore or within 1,000 yards of shore from Pigeon Point (San Mateo County) south to the U.S.-Mexico border. Shore fishing includes beaches, banks, piers, jetties, breakwaters, docks and other man-made structures connected to the shore. Unless extended, the emergency regulations will expire 180 days after being filed with the secretary of state. The Commission may pursue up to two 90-day extensions of the emergency action and, ultimately, may propose continuing the restrictions through a regular rulemaking if the regulations prove to be effective.

Prosecutor of the Year

Commissioners recognized two deputy district attorneys who have demonstrated their dedication to protecting California’s natural resources and have effectively collaborated with the California Department of Fish and Wildlife (CDFW) to prosecute wildlife crimes. San Luis Obispo County Deputy District Attorney Ken Jorgensen and San Diego County Deputy District Attorney Michael McCann were presented with the Prosecutor of the Year Award for 2025.

Jorgenson’s work resulted in a landmark $165,000 settlement and injunctions in a case involving rare plant habitat destruction, and in another case a $12,500 fine and five years of probation for often under-prosecuted commercial fishing violations.

McCann assisted in the prosecution and investigation surrounding a global wildlife trafficking ring connected to illegal drug and firearm trade. The investigation disrupted a sophisticated trafficking network and resulted in multiple felony and misdemeanor charges, with more anticipated.

Southern Resident Killer Whale

The Commission named the southern resident killer whale (orca) a candidate species for listing under the California Endangered Species Act (CESA). This population of orcas inhabits ocean waters from British Columbia to California and is estimated to now number as few as 75.

Orcas face threats such as limited availability of prey; Chinook salmon are a primary food source and have experienced population decline across the entire West Coast range of orcas. The species’ abundance has also been impacted by past practices of capture for live display.

CDFW will have one year to complete a review on the status of orcas, of the best available science, before the Commission can make a final decision on CESA listing. Orca is currently listed as endangered under the federal Endangered Species Act and is considered depleted under the federal Marine Mammal Protection Act.

Western Spadefoot

Continued from the Commission’s April meeting, a decision to consider CESA candidacy for western spadefoot frog was postponed to the August meeting to give environmental advocates and the solar industry additional time to collaborate on proposing exceptions to CESA protections that would be allowed under Fish and Game Code Section 2084.

Meeting Participation and Next Meeting

Commission President Eric Sklar, Vice President Darius Anderson and Commissioners Samantha Murray and Erica Zavaleta were in attendance for both days of the June Commission meeting. Commissioner Jacque Hostler-Carmesin was in attendance for the first day. The meeting was held in Sacramento.

The complete agenda for the meeting, along with supporting information, is available on the Commission website. Archived video of past Commission meetings is available online. The next regularly scheduled meeting of the Commission is scheduled for Aug. 12-13, 2026, at the California Natural Resources Agency building in Sacramento. Participants are encouraged to attend in person, with options available for Zoom or phone; for more information visit the Commission website.

The Commission authorized public notice of upcoming potential regulation changes related to:

Harpoons and Flying Gaffs Allowance: A discussion hearing is scheduled for Aug. 12-13 and an adoption hearing Oct. 14-15 on amendments to regulations related to allowing use of harpoons and flying gaffs in the recreational tuna fishery.

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Media Contacts: 
Krysten Kellum, CDFW Communications, (916) 825-7120
Alicia de la Garza, CDFW Communications, (916) 754-7237