Mark Ruffano Declares Newsom’s Billionaire Tax Stance “Disqualifying” Ahead of California Vote

‘The Big Money Show’ debates Gov. Gavin Newsom’s support for Proposition 42 as Californians weigh a proposed fifty‑percent billionaire wealth tax.

Actor Mark Ruffalo lambasted Governor Newsom for opposing a proposed billionaire wealth tax, alleging that the Democrat favors the interests of the ultra‑rich over working families and questions his fit for elected office.

“It’s beyond sad,” Ruffalo wrote on X. “It’s beyond disappointing; now disqualifies any future candidate—Democrat or Republican—if he seeks to raise revenue while children lack health care and housing costs skyrocket.”

Ruffalo’s remarks surface weeks before Californians cast ballots on Proposition 40, a proposal that would impose a one‑time five percent tax on the net worth of individuals who lived in California on January 1, 2026. If enacted, the tax would be due in 2027, though payments could be spread over five years. Real estate, pensions and retirement accounts are generally excluded.

CALIFORNIA ENTREPRENEUR WARNS BILLIONAIRE WEALTH TAX COULD TRIGGER ‘GIANT SUCKING SOUND’ OF BUSINESS EXITS

Actor Mark Ruffalo condemned Governor Newsom’s stance, labeling it disqualifying for any hopeful candidate aiming for higher office. He added that, despite widespread party endorsement, several prominent Democrats have opposed Newsom’s back‑support for Proposition 42.

While the measure enjoys full support from the California Democratic Party, outspokens such as Representative Ro Khanna have voiced objections to Newsom’s backing of Proposition 42, the alternative ballot initiative slated for the November election.

Analysts noted Khanna’s reply, using an official advertisement backed by Newsom that encouraged voters to say “yes” to Proposition 42.

Rep. Ro Khanna’s social‑media post urged the electorate to reject the existing tax plan and choose the anti‑wealth‑tax measure.

Ruffalo went further, accusing the governor of repeatedly prioritizing corporate entrances over ordinary Californians. “The individual needs a genuine champion who confronts the stark imbalance between billionaire fortunes and everyday people—and even the planet,” he remarked.

Extending the criticism, businessman Mark Cuban has also denounced the wealth‑tax proposal, asserting that it threatens California’s investment climate.

MARK CUBAN TELLS RO KHANNA ‘YOU DON’T UNDERSTAND BUSINESS,’ THREATENS INVESTMENT SHIFT OVER BILLIONAIRE TAX

(img src=”https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2026/01/931/523/gavin-newsom-ca-speech-2025.jpg?ve=1&tl=1″ alt=”California Governor Gavin Newsom gives speech”))

Cuban told Rep. Ro Khanna that he does not fully grasp commercial realities. He warned that supporting such taxation could cause a huge economic exodus, stating, “The effect of passing this will be a gigantic suction sound as entrepreneurs pull out of California because they will not want to remain.”

Tech entrepreneur Eric Schiffer, chairman of the patriarch family office and chief executive of Reputation Management Consultants, recently testified that the proposed tax could prompt a massive flight of founders and managers seeking improved environments elsewhere.

“My primary worry is that California’s law, a sweeping wealth levy, will drag away the very innovators and financiers who underpin the state’s prosperity,” Schiffer declared.

In conclusion, Ruffalo implores Newsom to reconsider his position, insisting that addressing wealth inequality outweighs his support for a policy he perceives as detrimental to both residents and the broader economy.

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