24.02.2026 - 23:18 [ Politico.com ]

Gavin Newsom moves to neutralize tax on billionaires

(January 12, 2026)

The conversations, reported here for the first time, have occurred intermittently for months as SEIU-UHW’s ballot initiative targeting billionaires migrated from the backrooms of California politics to the center of a raging debate about Silicon Valley and income inequality, sparking tech titans’ wrath and vows to move out of state.

“We’ve been at this for four months,” Newsom said in an interview with POLITICO, describing an “all-hands” effort that has included him meeting one-on-one with SEIU-UHW’s leader, Dave Regan.

A compromise does not appear imminent. A union official cast doubt on the possibility of a deal, saying the two sides do not currently have another meeting scheduled and framing a ballot fight as an inevitability.