Anti-Newsom Ads Launch This Weekend Over California Billionaire Tax
Backers of California’s proposed billionaire tax are launching a wave of television and digital advertisements in early presidential primary states this weekend targeting Gavin Newsom over his opposition to the ballot measure. The six-figure ad campaign hits airwaves across South Carolina, Nevada, New Mexico, Virginia, and New Hampshire as part of an escalating political clash over state wealth taxes and the governor’s anticipated 2028 presidential bid.
Television and Digital Campaign Targets Newsom in Early Primary States
The targeted advertising campaign specifically criticizes Newsom for opposing Proposition 40, a November ballot measure that would impose a 5% tax on California billionaire assets. Proponents designed the state levy to offset federal healthcare funding cuts approved by congressional Republicans and signed by President Trump last year. The 30-second spot accuses the governor of abandoning working-class voters.
The ad’s narrator questions why a presidential hopeful would try to sabotage the billionaire tax. The script suggests that financial backing from wealthy donors heavily influences the governor’s political positioning. The campaign highlights several prominent billionaires who have previously supported Newsom’s political ambitions, including Stewart Resnick, owner of businesses such as Pom Wonderful, Fiji Water, and Justin Wines. Other named executives include crypto leader Chris Larsen, former Google leader Eric Schmidt, and venture capital investor Michael Moritz.
Divisions Among Democrats Over Wealth Tax Strategy
The ballot measure has created a deep fracture within the Democratic Party and its traditional labor allies. The Service Employees International Union — United Healthcare Workers West crafted Proposition 40 alongside political advisor Saikat Chakrabarti and early Stripe engineer Ross Boucher, while establishment figures have taken opposing stances. The state Democratic Party and Bernie Sanders have endorsed the wealth tax, placing them at direct odds with the governor’s fiscal strategy.
Newsom defends his opposition by arguing that wealth taxes should be enacted at the federal level rather than through a state-by-state patchwork. State officials and economic analysts note that a fragmented approach could drive ultra-wealthy residents out of California, potentially destabilizing a state budget heavily dependent on top earners.
Backers of the six-figure ad buy indicate that the media campaign could expand significantly as the election approaches. Meanwhile, Newsom continues his early state outreach, having recently traveled to New Hampshire to stump for local candidates ahead of the 2028 nomination cycle.