California surplus swing: +$100B to -$10B
California went from a $100 billion budget surplus in 2022 to a $10 billion deficit by end of 2025 under Newsom's stewardship.
Snapshot · PBD Podcast
Newsom’s Billionaire Tax, Iran War Escalates & Israel Acknowledges Genocide | PBD Podcast #825
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Jun 29, 2026
Where this was said
Gavin Newsom's National Billionaire Wealth Tax
At 13:40 · chapter starts 11:00
Patrick Bet-David plays the video of Newsom calling for a 'national billionaires tax and a new social contract,' then methodically dismantles the framing. The top 10% income threshold is not wealthy in any coastal city — $155,000 individually after state and federal tax in California leaves roughly $12,000 a month, which buys little comfort in Los Angeles. Tom traces Newsom's pivot to a very specific political moment: in January he was quietly signaling opposition to the tax, citing worries about billionaires leaving the state. Then three DSA candidates swept New York primaries right next to Mamdani, and Soros money began validating the DSA as the new arm of Democratic energy — just as MAGA was the arm of Republicans in 2016. Newsom needed both party momentum and donor dollars, and he moved within days of those primaries. Tom's chilling warning closes the segment: once government has a 'wealth tax knob,' it will be turned — and 'you're rich' is a definition that expands over time. [1] — Patrick Bet-David "Gavin Newsom's proposed national billionaire tax doesn't just target the ultra-wealthy — it kicks in at $155,000 for individuals and $255,0…" 11:00
Newsom's National Billionaire Tax Targets the Middle Class
Gavin Newsom's proposed national billionaire tax doesn't just target the ultra-wealthy — it kicks in at $155,000 for individuals and $255,000 for households, the top 10% income threshold. If you live in LA or Manhattan at those numbers, you're broke after taxes. Newsom caved to DSA pressure immediately after the New York primaries swept in three socialist candidates.
Top 10% income threshold: $155K individual
Being in the top 10% of individual earners in the US requires only $155,000/yr — the income level Newsom's proposed billionaire wealth tax would effectively target.
Why Newsom Flipped: The New York DSA Primary Effect
In January, Newsom was quietly opposed to the billionaire tax. Then three DSA candidates swept New York primaries, and Soros money started flowing. Newsom needed both support and money from within the party — and right now the DSA is the arm of momentum, just as MAGA was for Republicans in 2016. He moved immediately after those primaries.
Top 1% pays ~40% of federal taxes
The top 1% of American earners already pay approximately 40% of all federal income taxes, according to figures cited on the show.
Soros midterm spend: $103M
George Soros and his son Alex have funneled over $103 million into the 2026 midterms, on pace to shatter the previous record of $128M.
Soros's $103M Midterm War Chest: Who's Getting the Money
George Soros and his son Alex have poured $103 million into the 2026 midterms — on pace to shatter the previous record of $128M. The money is flowing into populist wildcards like Ro Khanna and John Ossoff, candidates positioned to exploit affordability anxiety and growing distrust of Israel. This is Soros treating the Democratic Party as a Manchurian candidate factory.
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