Gavin Newsom

Well, we do.

California is the most progressive tax structure in the United States of America.

We have billionaires that are paying those progressive taxes.

We have the highest progressive tax rate in the United States of America.

I long believe in that.

I did say the state of the state.

arguing in favor of it, and it should in many ways be a model for reforms that we need to see federally.

That said, I fear the way this has been drafted, and I'm old fashioned.

I actually seek first to understand before I'm understood, sometimes.

And I was burdened by the facts.

The fact is it actually will reduce investments in education.

It will reduce investments in teachers and librarians, childcare.

It will reduce investments in firefighting and police.

The impact of a one-time tax does not solve an ongoing structural challenge.

that has been exacerbated by the impacts of HR1.

In fact, what it will do is what the Legislative Analyst's Office said it would do, which didn't surprise any of us when they put that out.

You would have a windfall one time, and then over the years, you would see a significant reduction

in taxes because taxpayers will move.

And that is what I fear at a state level, at a state level.

Right, so would you support a natural wealth tax?