Gavin Newsom is widely expected to run for president in 2028. But he faces some major problems during his last year as governor of California. He’s required to balance his budget. But that’s led him to propose some social-spending cuts that have upset progressives and union leaders, particularly when they were compounded by even greater cuts from Trump’s Republican Congress. Now these progressives are pushing a ballot initiative to recoup some of that lost money with a 5 percent tax on California’s 200 (or so) billionaires.

This “billionaire tax” has garnered national headlines and a show of resistance from the targeted one-percenters, particularly in Silicon Valley. Google co-founder Larry Page cited the threat as the reason he’s moving to Delaware. Other rich........

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