Gov. Gavin Newsom doesn’t want a wealth tax — and he’s furious anyone’s suggesting otherwise.
The Democratic governor repeatedly lashed out at the Wall Street Journal’s editorial board on Wednesday for implying he might support the progressive proposal, despite Newsom and his administration having emphatically rejected the idea for years. Newsom reiterated that stance this week, before the editorial published, and said Wednesday he would look to a mix of cuts and reserves to close a $38 billion deficit.
“Are you supporting a wealth tax? No, yet again. Why the hell do you keep writing about that?” Newsom said during a budget presentation in Sacramento.
Critiques of conservative media are nothing new for Newsom, who regularly excoriates outlets like Fox News while relishing the chance to spar with top pundit Sean Hannity on his prime-time show.
But the governor reserved some extra animus for the Wall Street Journal, a day after the publication ran an editorial — led by Newsom’s photo — on a wealth tax bill that’s set to have its first legislative hearing on Wednesday. Newsom has already rejected the $20 billion proposal, which would require his signature to take effect, but the editorial made no mention of his resistance while saying, “Democratic legislators are proposing a wealth tax as an alternative to spending restraint.”
“They know that because every year I say that,” Newsom emphasized about his opposition to wealth taxes. “I think it’s shameful, because I think it’s done very intentionally. It’s not truth-seekers, it’s ideological warriors.”
The Wall Street Journal’s editorial board through a spokesperson for Dow Jones, the paper’s publisher, declined to comment.
The diatribe underscored Newsom’s sensitivity to how California is perceived and portrayed in the national media. He lamented the “damage” the editorial had inflicted, saying he had been inundated with phone calls about the possibility of a new tax on affluent Californians, and argued the Journal and other outlets were intentionally working to undermine the Golden State.
“The state’s been paying a price for the misrepresentation and lies being advanced every single day about this state,” he said.
That narrative could impact Newsom’s political future. The governor has cultivated his national profile in recent years, embracing a role of attacking Republicans, and is widely seen as a 2028 presidential contender. Despite his record of fiscal centrism and general wariness of tax hikes, Newsom could be tied to California’s more progressive proposals during a national campaign.
Wealth tax bills have gone nowhere in Sacramento despite Democrats wielding two-thirds margins that enable them to pass taxes without Republican support. The state already has a highly volatile tax structure that is largely dependent on the revenue from wealthy residents.