Gavin Newsom comes out swinging against California billionaire tax

California Governor Gavin Newsom is strongly opposing a proposed ballot measure that would impose a one-time 5% tax on individuals in the state worth more than $1 billion. The initiative, which could be put to voters in November, has drawn significant criticism from tech moguls and billionaires, some of whom have threatened to leave California. Newsom has expressed concerns that the tax could deter industry and investment from the state. The measure, backed by the Service Employees International Union, aims to generate revenue for healthcare and education programs. Despite Newsom's opposition, the proposal has garnered support and is expected to be a major political issue this year.