CA billionaire tax faces legal challenge, Newsom opposes it

FOX Business Host Cheryl Casone discusses California's proposed one-time 5% tax levy on billionaires. California Gov. Gavin Newsom reportedly opposes the tax measure, which would retroactively apply to residents as of January 1, 2026.

FOX Business Host Cheryl Casone reports on California's controversial billionaire tax, a one-time 5% levy on residents worth over $1 billion. This measure, which would retroactively apply from January 1, 2026, is opposed by Gov. Gavin Newsom. Critics question its legality and potential for billionaires to exit the state.