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Gavin Newsom: “And time to close those offshore loopholes once and for all.”

Featuring: Gavin Newsom, Democratic | Governor of California

We Need a National Tax on Billionaires. Here's Why.

Published June 26, 2026 | Video Starts at 01:22

… to be $124 trillion, that will be changing hands, doesn't lock in a permanent American aristocracy of inherited wealth. Time as well to return to the pre2017 corporate tax rates. And time to close those offshore loopholes once and for all. And as AI reshapes the country, every American should own a piece of the future. It builds through a national public equity fund. Trickle down economics. (01:22–01:27)

CLAIM

Advocates for closing offshore tax loopholes.

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.”
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“We also should end this tax free lifestyle loan. This is the gimmick that allows the ultra wealthy to borrow against their stock portfolios…”
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“We also have to rewrite those inheritance rules so that the largest intergenerational wealth transfer in human history, estimated to be $124…”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 01:00-01:18
“American wages have stood still and the costs cross the spectrum. Cost of living have skyrocketed.”
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“The federal tax code, the corporate tax code and the inheritance tax code seem to be written for a different set of Americans.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 00:29-00:38
“It's time for an economic reset. A true minimum tax on billionaires that ensures the people at the very top pay at least the tax rate their…”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 00:37-00:49
“Time as well to return to the pre2017 corporate tax rates.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 01:17-01:23
“As AI reshapes the country, every American should own a piece of the future. It builds through a national public equity fund.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 01:27-01:37
“Trickle down economics. It's been a, well, nearly 50 year experiment that has failed record.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 01:37-01:43
“Corporate profits flowed into stock buybacks and executive compensation.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 01:42-01:47
“The system the American founders built, well, was designed to prevent the concentration of power in a few hands. But we've allowed that…”
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