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Gavin Newsom: “Why does [President Trump] go after the carried interest?…”

Featuring: Gavin Newsom, Democratic | Governor of California

And, This is Steve Bannon | This is Gavin Newsom

Published March 12, 2025 | Video Starts at 36:25

Thank you to me, if you put page. They've got to tell your president that Steve, you got to tell your president. That the president, the president knows it's already his tax. But Why does [President Trump] go after the carried interest? Why is he going after corporate subsidies? I'm going to break some news here. Governor, I believe that one of the leading things you're going to see in President Trump's tax bill when it comes out that he's going to take on carried interests. (36:25–36:30)

CLAIM

Questions President Trump's actions on carried interest and corporate subsidies.

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

“Biden tripled tariffs on aluminum and steel, of course, is getting a lot of attention in this country today as it relates to Canada, and…”
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“Another $8.4 trillion went to the debt under [the] Trump administration.”
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“That's $1.3 billion small ball, but it's symbolic and subsidy. What about the $3 billion in oil gas subsidies?”
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“I say that as governor of the largest manufacturing state in America, a state that has more corporate headquarters... than any other state…”
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“You've been pretty critical about the proposed tax, the extension of the existing tax cuts that disproportionately favor the wealthiest.”
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“His current proposal doesn't add up then in that respect blows the deficit and continues those corporate tax cuts and continues the tax cuts…”
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“It's 3 trillion even before COVID hit.”
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“Moderate the income taxes for middle class working folks.”
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“We doubled another 25% back to aluminum steel.”
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“On tariff policy, it seems a little chaotic. There's no stability. The markets are reflecting that.”
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“It had nothing to do with the tyrannical nature of a Prime Minister or 51st Governor of America, Justin Trudeau's policies.”
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“You mean with all the uncertainty, the market uncertainty, the Trump slump, all of the stress and the anxiety that people are feeling.”
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“The industrial policies of the Biden administration, as it relates to the infrastructure bill, aspects of the IRA, aspects of the Chips and…”
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“There was record investments in coming back during the [Biden administration].”
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“California did [create this market]. It was our regulatory process and our subsidies to create this market.”
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“He's been the beneficiary of billions and billions and billions of dollars.”
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“That's why this tax cuts, extending the tax cuts, it's reckless in this respect.”
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“By definition, that substantially increases the problem.”
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“You want to see it increased on corporations in the 1%.”
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“I don't know what more evidence you guys need of Mother Nature's fury than we've had in the last year.”
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