Gavin Newsom

And I think we have to have it through the lens of a national reform.

What we've done is the exact opposite with HR1, which is going to explode deficits.

in the United States of America in debt.

And again, it's transferred the tax burden to small businesses, farmers, and ranchers.

It is an abomination, and it's a policy, unfortunately, the Trump administration is very proud of.

I mean, this is a challenge for all of us across the globe.

And so the challenge is, do you have a redistribution mindset or a pre-distribution mindset?

Do you have a progressive tax structure that can balance these things?

And this is the iteration in the state of California.

And this is our approximation.

And I think California's figured it out in many respects.

I mean, our entire entrepreneurial system is thriving.

in our state.

We're, I think, found that balance.

We had the highest contribution of venture capital last year in our history, $106 billion.

68% of it went back into the state of California, despite our progressive tax structure.

But you've got to point out the absurdity.

You've got to put a mirror up to this.

This is madness.

You see what he's saying about European leaders, you talking down to people, talking past people.