local
Newsom urges a national 'billionaires' tax' while fighting one in California
By Jonathan J. Cooper, Associated Press at KSAT 12 (ABC affiliate) — San Antonio
· June 26, 2026
· 4 min read
California Gov. Gavin Newsom, a Democrat who is considering a run for president as he approaches the end of his term, called for a national “billionaires' tax” on Friday even as he fights another proposal targeting the wealthy in his home state. Newsom also said the U.S. government should own a s...
Key takeaway The governor announced his agenda a day after an influential health care union in California pledged to go forward with a ballot measure that would impose a one-time 5% tax on the assets of billionaires living in the state as of Jan.
Why this matters in Terrell Hills News
As California Governor Gavin Newsom proposes a national "billionaires' tax", Terrell Hills residents may wonder how this could impact their own community. With San Antonio being a major city in Texas, one of the states mentioned as a potential destination for billionaires seeking to avoid taxes, locals should consider the potential effects of a mass influx of wealthy individuals. This could lead to increased demand for luxury housing and services, potentially driving up costs and altering the character of the community. Additionally, if Newsom's proposal were to become law, it could also impact the local economy, as Texas has been a hub for tech companies and startups, which might be affected by the proposed changes to corporate tax rates and rules for inheritance taxes. As the debate over wealth taxation continues, Terrell Hills residents should pay attention to how these national proposals might trickle down to their own neighborhood.
About this story
Original reporting by KSAT 12 (ABC affiliate) — San Antonio . Terrell Hills News surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit KSAT 12 (ABC affiliate) — San Antonio . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: June 26, 2026 ·
Source: KSAT 12 (ABC affiliate) — San Antonio ·
Reading time: 4 min
Get more Terrell Hills News stories like this
Free weekly briefing covering local and other local news. Curated by our editorial team. No spam.
By subscribing you agree to our privacy policy . Unsubscribe anytime.
Frequently asked about this story
What is this story about? California Gov. Gavin Newsom, a Democrat who is considering a run for president as he approaches the end of his term, called for a national “billionaires' tax” on Friday even as he fights another proposal targeting the wealthy in his home state. Newsom also said the U.S. government should own a s...
When was this published? This article was first published on June 26, 2026 by KSAT 12 (ABC affiliate) — San Antonio and curated for Terrell Hills News readers.
Who reported this story? This story was reported by Jonathan J. Cooper, Associated Press at KSAT 12 (ABC affiliate) — San Antonio. To learn more about how Terrell Hills News selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from Terrell Hills News, or browse our daily briefing and topic hubs .
← Back to all news
More local →
Today’s briefing
Subscribe to newsletter