“He Caved” - Newsom Caved to Socialists Proposing a National Wealth Tax

**Patrick Bet-David** (0:00)
Gavin Newsom comes out, makes a video, talks about the fact that the wealth tax, because he was pushing back on the wealth tax.
I don't know if you guys are watching this or not. He was saying, no, it's not a good idea. Ro Khanna and him were going back and forth, and Ro Khanna's like, what's wrong with you? Why don't you do it? We should do this. And then finally, the main caves, and doesn't just say agrees with the wealth tax, but he goes even beyond where Socialist wants, pay very close attention if you make over $155 a year, or if you make as a household over $255 a year. Watch this clip here. It's dedicated to you...

**Gavin Newsom** (0:37)
.tax and a new social contract.

**Patrick Bet-David** (0:38)
Can you go back a little bit?

**Gavin Newsom** (0:40)
Think about this, just 10% of... It's time for a national billionaire's tax and a new social contract.
Think about this, just 10% of people, 10% of people in this country own two-thirds of the wealth.
A 30-year-old for the first time in American history is not doing better than his or her parents. That's a five-alarm fire. American wages have stood still, and the costs across the spectrum, cost of living, have skyrocketed. The system is fundamentally broken. The federal tax code, the corporate tax code, and the inheritance tax code seem to be written for a different set of Americans. It's time for an economic reset, a true minimum tax.

**Patrick Bet-David** (1:23)
So, you can pause right there. Folks, here's what he's saying to you. He's saying, vote for me to be the president, so I can go tax everybody in the top 10% of the category. And the top 10% isn't rich, by the way. Top 10% makes $155 individually, household $255. If you make $155 a year and you live in LA, you're broke.
If you make $155 a year and you live in Manhattan, you are super broke.
If you make $255 a year and you live in Manhattan, trying to have a decent life, you're broke.
If you're making $255 a year, that's 10% of households.
After taxes in the state of California, maybe you're keeping $150, give or take. So what's $150? $12K a month. Go ahead and pay for all the stuff that you have to pay in California. You're broke.
So now does he not just, he doesn't just want to take this well tax to the state. He said no to. Now he says, let's skip the state, let's go to national. Hey, DSA, I'm here. Socialists, vote for me. I can be a socialist candidate. Hey, Mom, Donnie, give me some attention. I'm going to be a socialist. I'll be a good socialist, please. Come on, let me cave. Let me cave to these other Democrats and to these ideas. And if you can go to my tweet, by the way, on what I said to him on this. Yeah, right here, Gavin Newsom says, don't worry, we'll be taxing trillionaires even more. Time to cough up after all that California corporate welfare. He's talking about Elon Musk. We can go to the tweet on what I said towards him as well on this, is he caved.
He caved. That's what he did. Socialists got him. Newsom is officially a socialist. Just go on X and go a little bit lower, go a little bit lower, lower, lower, lower. It's coming up right there. Go above that. One minute you're a Democrat, next minute you're a socialist, that the DSA break you. You know the billionaire tax is a bad idea. Why not stand your ground as a Democrat instead of joining the socialist camp? I'm going to come to you in a second. Terrible strategy. Here's what's going on. They gave him $24 billion for homelessness. He wasted it. Homelessness doubled. He had $100 billion surplus in 2022 You know what it was at the end of the year last year? Minus $10 million. You go from $100 billion in surplus to minus $10 billion. He's got 216 to 246 billionaires in the state of California. They don't think they're going to leave. They think they're going to stick around and be over there. They're not like, people are not going to be leaving and going to any other place. And they don't realize the math behind this. This isn't a 5% tax. This is about an 8% to 10% tax. Here's him and Elon Musk having a conversation together back 14 years ago. Elon Musk was a liberal. I don't know if you've ever seen this or not. I found this clip. Send it to the guys. Watch this clip between him and Elon Musk. Go for it. Look how friendly they look.