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Gavin Newsom: “American wages have stood still and the costs cross the…”

Featuring: Gavin Newsom, Democratic | Governor of California

CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State

Published June 26, 2026 | Video Starts at 00:20

A 30 year old for the first time in American history is not doing better than his or her parents. That's a five alarm fire. American wages have stood still and the costs cross the spectrum. Cost of living have skyrocketed. The system is fundamentally broken. The federal tax code, the corporate tax code and the inheritance tax code seem to be written for a different set of Americans. (00:20–00:28)

CLAIM

Asserts that American wages have stagnated while the cost of living has increased significantly.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Gavin Newsom

“Just 10% of people in this country own 2/3 of the wealth.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 00:05-00:12
“A 30 year old for the first time in American history is not doing better than his or her parents.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 00:11-00:19
“We also have to rewrite those inheritance rules so that the largest intergenerational wealth transfer in human history, estimated to be $124…”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 01:00-01:18
“A true minimum tax on billionaires that ensures the people at the very top pay at least the tax rate their own workers pay.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 00:41-00:49
“We also should end this tax free lifestyle loan. This is the gimmick that allows the ultra wealthy to borrow against their stock portfolios…”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 00:48-01:01
“Time as well to return to the pre 22017 corporate tax rates.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 01:17-01:23
“Time to close those offshore loopholes once and for all.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 01:23-01:27
“As AI reshapes the country, every American should own a piece of the future. It builds through a national public equity fund.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 01:27-01:37
“Trickle down economics. It's been a, well, nearly 50 year experiment that has failed record.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 01:36-01:43
“Corporate profits flowed into stock buybacks and executive compensation.”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 01:42-01:47
“The system the American founders built, well it was designed to prevent the concentration of power in a few hands. But we've allowed that…”
CA Gov. Gavin Newsom Proposes Nationwide Billionaire Tax After Opposing It In His Own State | Uploaded June 26, 2026 | 01:53-02:04