Foes of Gov. Gavin Newsom, who is widely viewed as a likely 2028 presidential candidate, are launching television and digital ads this weekend in early primary states that criticize the governor’s opposition to the proposed billionaire tax on California’s November ballot.
The ad, funded by backers of the wealth tax, castigates Newsom for opposing Proposition 40, the ballot measure that would impose a 5% tax on California billionaires’ assets to offset federal healthcare funding cuts approved by congressional Republicans and signed by President Trump last year.
“We’re all struggling with the high cost of health care. In California, Democrats are championing a one-time tax on billionaires that would save coverage for millions,” a narrator says in the 30-second ad. “So why [has] presidential hopeful Gavin Newsom betrayed his own supporters by trying to sabotage the billionaire tax? Maybe it’s because the same billionaires who oppose Prop. 40 also gave millions of dollars to Newsom. Gavin Newsom turned his back on working Californians. Will he do the same to you?”
The ad specifically calls out billionaires Stewart Resnick, who owns several businesses including Pom Wonderful, Fiji Water, and Justin Wines; crypto executive Chris Larsen; former Google leader Eric Schmidt; and venture capitalist Michael Moritz, all of whom have backed Newsom’s political ambitions.
Newsom has argued that, although he supports wealth taxes, they ought to be enacted at the national level, rather than a state-by-state patchwork that could drive the rich to leave California, a state with a volatile budget heavily dependent on the state’s wealthiest residents.
The primary funders of the ad are the Service Employees International Union — United Healthcare Workers West, which crafted Proposition 40; Saikat Chakrabarti, a climate change warrior and political advisor who made his wealth in part as a founding engineer at Stripe; and Ross Boucher, an early engineer at Stripe.
The ad buy is six figures but could grow, according to its backers. Among the states where the ad is expected to air are South Carolina, Nevada, New Mexico, Virginia and New Hampshire.
Earlier this month, Newsom stumped for candidates in New Hampshire, his latest foray to early presidential primary states.
The ad launch comes amid a contentious, expensive battle over the proposed wealth tax, which has divided Democrats and their allies. Although Newsom is among Democrats who oppose it, the ballot measure was endorsed by the state Democratic Party and Sen. Bernie Sanders (I-Vt.) Voters are closely divided about the measure
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