Gavin Newsom: “You would have a windfall one time and then over the years…”

“In fact, what it will do is what the Legislative Analyst office said it would do. Which didn't surprise any of us when they put that out. You would have a windfall one time and then over the years you would see a significant reduction in taxes because taxpayers will move. And that is what I fear. At a state level. At a state level. Right. So would you support a national bank? I think you can have. That's an interesting conversation.” (30:42–30:55)

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.