DealBook Summit Newsom Says Trump’s Attacks Are “Not Normal Behavior”
Dec 4, 2025
Gavin Newsom, Governor of California and a potential 2028 presidential candidate, reflects on the future of the Democratic Party while critiquing Trump’s behavior. He discusses using social media to reveal the abnormality of Trump’s rhetoric and flags the risks of Trump manipulating future elections. With insights on wealth inequality, Newsom outlines alternatives to a wealth tax. He emphasizes the need for a unified Democratic vision while warning against crony capitalism and corporate complicity in politics.
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Be Pragmatic About Wealth Taxes
- Avoid a statewide wealth tax in California because people and capital can relocate and asset valuation is complex.
- Be pragmatic about competitiveness and consider labor opposition and implementation challenges.
Reduce Costs, Don't Just Subsidize
- Newsom prioritizes reducing costs through production over subsidies, citing $11 insulin as an example.
- He champions early interventions like child savings accounts to create opportunity rather than late redistribution.
California Raised $118M To Defend Maps
- Newsom recounts California raising $118 million to protect independent redistricting and counteract Texas efforts.
- He frames this as fighting fire with fire to defend electoral integrity against Trump's maneuvers.
