Taxes News

California’s proposed billionaire wealth tax is headed to the ballot, and Gov. Gavin Newsom and other wealthy residents are preparing for a costly fight if it passes.

A California union is pushing ahead with a November ballot measure to tax billionaires, even as Governor Gavin Newsom and other allies warn it could hurt the state’s finances.

Gavin Newsom backed a nationwide tax on billionaires and proposed a public fund so Americans could share in the gains from AI, while still opposing California’s own billionaire tax ballot measure.

Gavin Newsom is pushing a national wealth tax plan after losing a fight over a billionaire tax ballot measure in California.

Zohran Mamdani’s recent election wins in New York show his growing power in the Democratic Party and raise new concerns for business leaders about taxes, regulation, and the party’s direction.

Treasury Secretary Scott Bessent used a CNBC interview to link Mayor Zohran Mamdani’s rise to the Democratic Party’s direction and to promote a new plan to help more Americans invest in stocks.

Gov. Gavin Newsom is rejecting a scaled-back billionaire tax plan from the Service Employees International Union Healthcare Workers West, even after the union cut its proposal from 5% to 2%.

California’s billionaire tax plan has qualified for the ballot, but the union backing it cut the proposal and failed to win Governor Gavin Newsom’s support.

Prediction markets say Governor Gavin Newsom may still block California’s billionaire tax from reaching voters, but they are much less confident the tax would pass if it does.

Bernie Sanders is proposing a major new tax on large AI companies to create a public wealth fund that would give Americans direct payments and more say over the industry.

Prince George will attend Eton College in September, marking a traditional choice that prepares him for life as a future working royal.

Gov. Gavin Newsom says the Justice Department is targeting him and his wife with a politically driven probe as he considers a run for president, while the Trump administration denies a direct investigation into him.

Nevada Gov. Joe Lombardo and Democrat Aaron Ford won their primaries, setting up a closely watched race for governor in a swing state.

Social Security’s retirement trust fund is now projected to run short in 2032, one year sooner than expected, while Medicare’s hospital fund is still set to fall short in 2033.

Trump said he was not sure whether the Justice Department’s “anti-weaponization” fund was really dead, adding new doubt after officials said they would stop moving forward with it.

Acting Attorney General Todd Blanche said the Justice Department is not moving forward with the Trump-linked “anti-weaponization” fund.

The Trump administration proposed a 25% tariff on imports from Brazil, while Brazil’s president rejected the move and said his government may retaliate.

Ken Griffin’s New York penthouse may face a new pied-à-terre tax, and the story also shows how his real estate holdings stretch across the U.S. and abroad.

New York is putting a new tax on wealthy owners of second homes in the city, with Gov. Kathy Hochul and Mayor Zohran Mamdani backing a levy aimed at raising money from luxury properties.

California’s proposed one-time wealth tax on billionaires could raise far more money than the state would lose if rich residents like Peter Thiel and Larry Page left, according to a new NBER study.