Newsom’s Billionaire Tax, Iran War Escalates & Israel Acknowledges Genocide

The PBD Podcast covers a sprawling set of developments in this episode, but the dominant thread is the leftward shift of the Democratic Party and the growing influence of figures like Gavin Newsom, George Soros, and Representative Alexandria Ocasio-Cortez-aligned candidates. California Governor Gavin Newsom, who previously opposed a wealth tax in his state, has now called for a national billionaire tax, declaring it "time for a national billionaire tax in a new social contract." He argued that "just 10% of people in this country own two-thirds of the wealth" and that "a 30-year-old for the first time in American history is not doing better than his or her parents." The panel notes that the top 10% of individual earners make $155,000 annually, and top 10% households earn $255,000—figures they argue are not rich in high-cost cities like Los Angeles or Manhattan. Newsom's pivot is seen as a capitulation to the Democratic Socialists of America (DSA) after recent primary wins in New York. Tom from the panel observes that Newsom "caved" after those primaries, and that the DSA and Soros are now "the arm of strength and the arm of momentum" within the party. The panel also notes that the top 1% already pay about 40% of federal taxes, and the top 10% pay 70%, raising questions about the fairness and economic