Gavin Newsom is proposing a federal minimum tax on billionaires and a national public equity fund to buy stakes in the country’s largest AI companies.He calls for a minimum levy on net worth above $100M, an end to tax-free loans against stock, restored corporate rates to pre-2017 levels and rewritten inheritance rules ahead of a $124T generational transfer.Newsom opposes a California ballot measure that would impose a one-time 5% tax on assets over $1B, argues state-only levies will push wealthy residents to relocate and wants Congress to use revenues to finance retraining, child care, free college and health coverage.