California Governor Gavin Newsom once balked at a state tax on billionaires, fearing they would leave the state. Now, he champions a nationwide tax—a response to a resurgent socialist influence that is steering the Democratic Party in a bold new direction.

California Gov. Gavin Newsom continues to oppose a proposed billionaire tax measure, arguing it could push the ultra-wealthy away from the state. Speaking at a Bloomberg forum in San Francisco, he cautioned that this tax might ultimately degrade the state’s financial base.