It 'makes no sense,' California Gov. Gavin Newsom says of 5% billionaire tax as backers chase 900K signatures

A proposed 5% wealth tax on billionaires is facing resistance as supporters push it toward the ballot. California Gov. Gavin Newsom said a union-backed proposal for a one-time 5% wealth tax "makes no sense," telling Politico recently that the measure reflects concerns he has raised before. Supporters are chasing roughly 900,000 signatures to qualify it for the ballot. "This is my fear," Newsom said. "It's just what I warned against. It's...