Newsom begs Californians to vote 'no' on billionaire's tax in face of mass exodus, pitches nationwide tax hike

California Democratic Gov. Gavin Newsom is facing another blow after a massive wealth tax he warned could cause a wealth and business exodus from the state was officially added to the November ballot.Despite his opposition, the measure's sponsor, Billionaire Tax Now, announced Thursday that it was officially being added to the state's ballot.

The measure, called the California Billionaire Tax Act, would impose a one-time, "emergency" 5% tax on Californians with assets exceeding $1 billion. The tax has been endorsed by socialist Sen. Bernie Sanders, I-Vt.

, who called it "reasonable and necessary" "at a time of unprecedented and growing wealth consolidation and income inequality."However, Newsom, a rumored frontrunner for the Democratic Party’s presidential nomination, has come out strongly against the tax, citing fears that billionaires will simply up and leave to states like Texas or Florida.In a lengthy Substack post on the tax, Newsom wrote, "Last night, it became certain that a wealth tax would be placed on the November ballot in California.

I’m voting no."SOCIALISM VS CAPITALISM: HOUSE DEMS CLASH OVER WHAT NY ELECTION RESULTS MEAN FOR PARTY"You may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do," he wrote, adding, "Wealth is movable, and it shops for the state with the lowest taxes."In a state that has already lost prominent business figures such as Elon Musk, Google co-founder Larry Page and Oracle founder Larry Ellison, Newsom is not the only one warning that the billionaire tax could worsen California's ongoing exodus.

Earlier this year, Silicon Valley tech entrepreneur Allison Huynh predicted in an interview with Fox News Digital that the tax would cause a "mass migration," starting with "not just the billionaires, but the people who are investing in new ideas, in new infrastructure, whether it's AI, healthcare, tech, robotics."Huynh likened the proposed tax hike to a r