EXCERPT:
NEWSOM: “It's time for a national billionaire's tax and a new social contract. Think about this, just 10 percent of people, 10 percent of people in this country own two-thirds of the wealth. A 30-year-old, for the first time in American history, is not doing better than his or her parents. That's a five-alarm fire. American wages have stood still and the costs across the spectrum, costs of living, have skyrocketed. The system is fundamentally broken. The federal tax code, the corporate tax code, and the inheritance tax code seem to be written for a different set of Americans. It's time for an economic reset, a true minimum tax, a true minimum tax on billionaires that, well, ensures the people at the very top pay at least the tax rate their own workers pay. We also should end this tax-free lifestyle loan. This is the gimmick that allows the ultra-wealthy to borrow against their stock portfolios while reporting no taxable income.”
