HIS THINKING HAS EVOLVED, AS THEY SAY: Gavin Newsom — once a capitalist, now a socialist.

Newsom is calling for a national tax on billionaires and Americans worth more than $100 million.

He wants to end the “tax-free lifestyle loan” — a feature of the current tax code that lets the ultra-wealthy borrow against their stock portfolios while reporting no taxable income, then pass appreciated assets to their children with the gains untaxed.

He wants to rewrite inheritance rules so that the state can take another cut of the trillions that rich people want to give to others.

He wants to create a national public equity fund giving Americans a stake in gains from artificial intelligence.

In plain English, he wants Washington to tax, redistribute and socialize more of the American economy.

With Newsom sitting on top of it all, redistributing to the well-connected.