SO CALIFORNIA HASN’T GONE COMPLETELY SUICIDAL… YET: California’s Billionaires Exhale as Prop 40 Goes Down.

Several Democratic state leaders campaigned against it. Gov. Gavin Newsom opposed it, as did Xavier Becerra, who cruised to victory over Republican Steve Hilton Tuesday night, and former Rep. Katie Porter, warning it would drive wealthy residents and their tax payments out of California.

In June, the day after Prop 40 qualified for the ballot, Newsom proposed a national “billionaires’ tax” instead: a federal minimum tax on Americans worth more than $100 million, new rules on inheritance, and a national public equity fund that would give Americans a stake in AI-driven wealth.

A Newsom spokesperson told ABC News last month that the governor supports a national tax on billionaires and proudly joined teachers, firefighters, reproductive health clinics, and others in opposing what the statement called a “poorly written state measure that will harm California.”

Clearly, Newsom only opposed the tax because he couldn’t build a Berlin Wall around the state to keep the billionaires in.