Why Won’t Newsom Tax Billionaires? Advertisement - scroll to continue readingOn the most basic test of economic populism, Newsom is already failing by coming out swinging in defense of billionaires. The measure in question was crafted by health care workers in response to the 2025 federal cuts to Medicaid and health insurance subsidies. In contrast to California’s proposed tax, Massachusetts’ tax is annual rather than one-time and affects about 20,000 people rather than 200. The Trump administration continues to cut social programs such as food stamps, health care subsidies, affordable housing, and environmental plans.