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Gavin Newsom: “As AI reshapes the country, every American should own a…”

Featuring: Gavin Newsom, Democratic | Governor of California

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

Published June 26, 2026 | Video Starts at 01:27

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. It's been a, well, nearly 50 year experiment that has failed record. Corporate profits flowed into stock buybacks and executive compensation. It's time to stop pretending otherwise. (01:27–01:37)

CLAIM

Advocates for a national public equity fund to ensure all Americans benefit from AI advancements.

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.”
We Need a National Tax on Billionaires. Here's Why. | 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.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 00:11-00:19
“We also should end this tax free lifestyle loan. This is the gimmick that allows the ultra wealthy to borrow against their stock portfolios…”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 00:48-01:01
“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.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 00:20-00:28
“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
“And time to close those offshore loopholes once and for all.”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 01:22-01:27
“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…”
We Need a National Tax on Billionaires. Here's Why. | Uploaded June 26, 2026 | 01:53-02:04