Gavin Newsom Proposes Federal Billionaire Tax, 'Public Equity' Fund for AI
Gavin Newsom Proposes Federal Billionaire Tax, ‘Public Equity’ Fund for AI
California Gov. Gavin Newsom (D) is proposing a federal billionaire tax and a “public equity” fund involving AI.
In a Substack post laying out his economic agenda, Newsom called for a national minimum tax on billionaires and a federal fund “to ensure every American owns a stake in the future being built by AI.”
“Here is what I support: A national billionaires’ tax,” Newsom wrote. “A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”
In his post, titled, “It’s time for a national billionaires’ tax and a new social compact,” the California governor also admitted, “It became certain that a wealth tax would be placed on the November ballot in California. I’m voting no.”
Newsom explained that he opposes this partly because he believes taxing the wealthy should not be done at a state level, but rather, by the federal government.
“The fight to make the wealthiest Americans pay more in taxes is not one we should be fighting state by state,” the governor wrote. “The fight belongs at the federal level, where this broken system was created in the first place.”
“Today, the office worker can shoulder a higher tax rate than the heiress,” Newsom said. “The construction worker could pay a higher rate than the developer. And the delivery driver can end up paying a higher rate than the founder of the company whose packages he delivers.”
Newsom went on to blame a system that transpired from “decades of loopholes written by lobbyists and upheld by politicians who knew exactly who they worked for.”
“But this system can be undone,” he insisted, adding, “We should end the ‘tax-free lifestyle loan,'” claiming, “This loophole exists only for the extremely wealthy.”
“We also need to rewrite our inheritance rules,” he continued. “Over the next twenty years, this country will live through the largest intergenerational wealth transfer in human history, with roughly $124 trillion changing hands.”
Newsom further claimed “the federal tax code, a corporate code, and an inheritance code” are all standing in the way of the country’s “working coalition” of “blue-collar and white-collar, urban and rural” Americans.
On the topic of artificial intelligence, Newsom called for an AI “public equity” fund, writing, “It’s clear that we are entering an entirely new economic paradigm. ”
“Automation could create unfathomable growth, but who benefits from that wealth?” he added. “We need to ensure every American owns a stake in the future being built by AI through a national public equity fund that takes a major stake in the new economy.”
Newsome further described his agenda as “a once-in-a-century chance to renew the American Dream by funding universal child care, making higher education and career training free, funding healthcare, and making a down payment on a real industrial policy for the AI century.”
The governor also said he would like to see a return to corporate tax rates that were in place before the 2017 Trump tax cuts, and a closing off “offshore loopholes that allow multinationals to shift profits on paper.” Newsome called “trickle-down economics” a “nearly 50-year experiment that has failed,” claiming it funneled profits “into stock buybacks and executive compensation” while “workers’ real wages stagnated.”
Earlier this year, Breitbart News’ Social Media Director and author of Code Red: The Left, the Right, China, and the Race to Control AI, predicted that Democrats would push their agendas with this type of fearmongering rhetoric.
“Over the next nine months leading up to the 2026 midterm elections, Americans should expect a torrent of messaging designed to heighten anxiety over real and perceived AI job losses,” Hall warned.
Alana Mastrangelo is a reporter for Breitbart News. You can follow her on Facebook and X at @ARmastrangelo, and on Instagram.
Reds No. 1 Prospect Alfredo Duno Earns Major All-Star Week Honor
Reds No. 1 Prospect Alfredo Duno Earns Major All-Star Week Honor
It's the second year in a row that he will get to participate. Greg Kuffner|
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Cincinnati RedsThe Cincinnati Reds will once again have one of their top prospect on display during All-Star Week.
Reds No. 1 prospect Alfredo Duno has been named to the Futures Game roster for the second straight season. The game will be played on Sunday, July 12, at noon ET at Citizens Bank Park in Philadelphia and will air on NBC.
The honor comes just days after Duno earned a promotion to Double-A Chattanooga, another significant step in what has been an impressive 2026 season for the 20-year-old catcher.
MLB Pipeline recently praised Duno's overall development, writing:
“More athletic than you might think when looking at his strong 6-foot-2 frame, Duno should be able to stick behind the plate, especially if he manages his body well so he can remain agile, and the Reds were happy with his offseason work in this regard. Combine that with his plus arm strength, hard work in all aspects of his game, including learning English, and he has the makings of a big league starting backstop.”
Duno has certainly backed up the hype this season. Across 65 games, he's slashing .260/.390/.512 with 29 extra-base hits while continuing to show the offensive upside that has made him one of the top catching prospects in baseball. He's also handled a heavy workload behind the plate, catching 55 games while serving as the designated hitter in the other 10. However, his defensive production is still way behind his offense.
Sal Stewart Makes History in Tuesday's Loss to Brewers
In Tuesday's loss to the Milwaukee Brewers, Sal Stewart hit a first inning home run to put the Reds on top 1-0. Stewart's 16th home run of the season continued his historic rookie campaign. Only Hall of Famer Frank Robinson has hit more home runs as a Reds rookie through the club's first 85 games, launching 20 in 1956.
Reds manager Terry Francona praised Stewart's ability to hit after the game.
“He’s just a really good hitter. He uses the whole field. A lot of times with young guys, they want to hit for power before they learn how to hit. He knows how to hit. And he’s strong enough and a good enough hitter that he gets rewarded when he goes the other way.”
The 22-year-old is slashing .257/.342/.467 with 35 extra-base hits and 11 stolen bases for the Reds this season.
You can hear Francona's comments on Stewart below:
Published 1 minute ago
GREG KUFFNERGreg Kuffner a contributor to Reds On SI. He graduated from the University of Cincinnati and worked for the Sports Information Department during his time as a student. He follows all things Reds year round, including the minor league system.
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Penn State Says it Has Guaranteed More Than $1 Billion in Future Athletics Revenue
Penn State Says it Has Guaranteed More Than $1 Billion in Future Athletics Revenue
Athletic Director Pat Kraft says Penn State has "one of the strongest financial foundations in college athletics."Mark Wogenrich|
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Penn State Nittany LionsPenn State has developed new business and marketing partnerships generating more than $1 billion in future athletics revenue, according to Athletic Director Pat Kraft. It also has one of the largest debt services in college athletics, the product of an ongoing $700 million renovation of Beaver Stadium.
In a letter to Penn State fans recapping the 2025-26 athletics season, Kraft said that Penn State saw record attendance, fundraising and ticket sales during the year. Penn State generated record revenue during the 2024-25 fiscal year, topping $250 million in gross athletics revenue for the first time in school history. Figures for the 2025-26 fiscal year will be available early next year.
Penn State also spent more than $250 million for the first time, largely due to increasing NIL payments and the Beaver Stadium renovation. Penn State reported total athletics-related debt of $534.6 million, one of the nation's highest athletics deficits.
Still, Kraft in his letter painted a positive outlook of Penn State's total athletics health.
"Together, we’ve built one of the strongest financial foundations in college athletics, securing more than $1 billion in guaranteed future revenue while dramatically increasing philanthropic support for our student-athletes and programs," Kraft wrote. "Those aren’t simply milestones. They’re investments in championships. They’re investments in people. And they’re investments in the future of Penn State Athletics."
One chapter closes, another begins. Here's to what's next.#WeAre | A letter from Pat Kraft: https://t.co/z3QVD7RGGU pic.twitter.com/WV2rcLiSvi
— Penn State Athletics (@GoPSUsports) June 30, 2026
Kraft's letter marked not only the begininng of Penn State's 2026-27 athletics year and budget but also his fifth year in charge of the department. Kraft has made sweeping changes during his Penn State term, including the new 10-year apparrel deal with adidas that took effect July 1.
Kraft said the deal, whose total value could reach $300 million over its lifespan, would set an "industry standard" in college athletics. Penn State on Wednesday unveiled its new adidas football uniforms and opened a campus pop-up shop featuring adidas merchandise.
Kraft has conducted a significant overhaul of Penn State's athletics department since becoming athletic director in 2022. He negotiated a 15-year, $50 million deal for the naming rights to the field at Beaver Stadium and signed contracts with a new media rights partner and a new ticketing partner, among many others. The adidas deal represents Kraft's most consequential change.
Penn State also reached a milestone in the Beaver Stadium construction, holding a "topping out" ceremony in June that placed the last beam atop the new West Tower. When complete, the tower will reach a peak of 195 feet.
"Every day, the future of West Shore Home Field at Beaver Stadium becomes more visible," Kraft wrote in the letter. "After more than 750,000 labor hours, thousands of tons of steel and the topping out of the final beam this June, we’re creating a game day experience worthy of the greatest fans in college sports.
'Expanded concourses, modern amenities, upgraded premium spaces, enhanced technology and improved accessibility will ensure Beaver Stadium remains one of the most iconic and intimidating venues in America for decades to come."
Built for the loudest crowd in college football. 🔊
— Beaver Stadium (@beaver_stadium) June 30, 2026
The new west side is on the way, and we already know the atmosphere is going to be next level.#WeAre pic.twitter.com/liDjE6PpJ3
Penn State also opened its new Jeffrey Field soccer complex last year as well as the bubble training facility that relieves scheduling pressure on Holuba Hall, which multiple programs shared with Penn State football.
"These investments aren’t simply about buildings," Kraft wrote. "They’re about creating an environment where the best coaches want to coach, the best student-athletes want to compete and where every member of our department has the resources to pursue excellence. They reflect
our belief that when you invest in people, extraordinary things happen."
On the field, Penn State finished 23rd in the Learfield Directors' Cup, the annual all-sports award of college athletics. Having publicly suggested Penn State could win four NCAA titles last season, Kraft setteld for one: the fifth straight NCAA team title for Penn State wrestling.
"As proud as we are of what we’ve accomplished together, we’re even more excited about what’s ahead," Kraft wrote. "The future of college athletics is being written today, and Penn State intends to help write it. We have extraordinary student-athletes. Outstanding coaches. Incredible staff. Unmatched facilities. And the greatest fans in college athletics.
"Most importantly, we have a community that believes in something bigger than itself. Thank you for believing in our vision. Thank you for believing in our student-athletes. And thank you for believing in Penn State. The momentum is real. The future is bright. And we’re just getting started."
We Are—and will always be...Penn State.#WeAre \\\ @adidas pic.twitter.com/FBl7qxTuwT
— Penn State Athletics (@GoPSUsports) July 1, 2026
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Published 25 minutes ago
MARK WOGENRICHMark Wogenrich is the editor and publisher of Penn State on SI, the site for Nittany Lions sports on the Sports Illustrated network. He has covered Penn State sports for more than two decades across three coaching staffs, three Rose Bowls and one College Football Playoff appearance.
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