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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) - San Antonio News
· 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 Alamo Heights News
As California Gov. Gavin Newsom proposes a national "billionaires' tax", Alamo Heights residents may wonder how this could impact their own community. With San Antonio being a major city in Texas, one of the states mentioned as a potential destination for billionaires seeking to avoid taxes, local leaders should consider the potential consequences of a mass influx of wealthy individuals. This could lead to increased demand for luxury housing and services, potentially driving up costs and altering the character of the area. Furthermore, if Newsom's proposal were to become law, it could also affect the local economy, as Texas has been a popular destination for businesses and individuals looking to relocate from states with higher tax burdens. The potential for Texas to attract even more billionaires and businesses could have significant implications for the state's tax base and economy, making this a development worth watching for Alamo Heights residents.
About this story
Original reporting by KSAT 12 (ABC) - San Antonio News . Alamo Heights News 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) - San Antonio News . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: June 26, 2026 ·
Source: KSAT 12 (ABC) - San Antonio News ·
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) - San Antonio News and curated for Alamo Heights News readers.
Who reported this story? This story was reported by Jonathan J. Cooper, Associated Press at KSAT 12 (ABC) - San Antonio News. To learn more about how Alamo Heights News selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from Alamo Heights News, or browse our daily briefing and topic hubs .
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