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Newsom urges a national 'billionaires' tax' while fighting one in California
By Jonathan J. Cooper, Associated Press at KSAT 12 (ABC affiliate)
· 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 The San Antonio
As California Gov. Gavin Newsom pushes for a national "billionaires' tax", San Antonio residents may wonder how this proposal could impact the local economy. With Texas being one of the states mentioned as a potential destination for billionaires looking to escape high taxes, it's possible that the city could see an influx of wealthy individuals and businesses. This could lead to increased investment and economic growth, but it also raises concerns about the potential displacement of long-time residents and small businesses. Additionally, as a city with a growing tech industry, San Antonio may be particularly affected by Newsom's proposal for the US government to own a stake in artificial intelligence companies, which could have implications for local startups and innovation. As the debate over wealth taxation continues, San Antonians will be watching to see how these proposals could shape the city's economic future.
About this story
Original reporting by KSAT 12 (ABC affiliate) . The San Antonio 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 KSAT 12 (ABC affiliate) . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: June 26, 2026 ·
Source: KSAT 12 (ABC affiliate) ·
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 KSAT 12 (ABC affiliate) and curated for The San Antonio readers.
Who reported this story? This story was reported by Jonathan J. Cooper, Associated Press at KSAT 12 (ABC affiliate). To learn more about how The San Antonio selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from The San Antonio, or browse our daily briefing and topic hubs .
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