Valuetainment - June 30, 2026


“He Caved” - Newsom Caved to Socialists Proposing a National Wealth Tax


Episode Stats


Length

12 minutes

Words per minute

202.52

Word count

2,482

Sentence count

204

Harmful content

Misogyny

1

sentences flagged

Hate speech

4

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Gavin Newsom caved on the billionaire's wealth tax and is now a socialist? Is this a good thing or a bad thing? I'll tell you what, it's a bad idea. The real question is, why not stand your ground as a Democrat?

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Gavin Newsom comes out, makes a video, talks about the fact that the wealth tax,
00:00:06.140 because he was pushing back on the wealth tax.
00:00:09.060 I don't know if you guys are watching this or not.
00:00:10.440 He was saying, no, it's not a good idea.
00:00:12.720 Ro Khanna and him were going back and forth.
00:00:14.620 And Ro Khanna's like, what's wrong with you?
00:00:16.320 Why don't you do it?
00:00:17.180 We should do this.
00:00:18.480 And then finally the man caves and doesn't just say agrees with the wealth tax,
00:00:23.980 but he goes even beyond where socialist wants.
00:00:27.720 Pay very close attention if you make over $155 a year
00:00:32.020 or if you make as a household over $255 a year.
00:00:35.180 Watch this clip here.
00:00:36.200 It's dedicated to you.
00:00:38.540 Can you go back a little bit?
00:00:40.220 Can you go back a little bit?
00:00:40.960 Think about this.
00:00:41.160 Just 10% of people.
00:00:42.160 It's time for a national billionaire's tax and a new social contract.
00:00:46.780 Think about this.
00:00:47.400 Just 10% of people, 10% of people in this country own two-thirds of the wealth.
00:00:52.980 A 30-year-old, for the first time in American history, is not doing better than his or her parents.
00:00:59.980 That's a five-alarm fire.
00:01:01.980 American wages have stood still, and the costs across the spectrum, cost of living, have skyrocketed.
00:01:08.980 The system is fundamentally broken.
00:01:11.980 The federal tax code, the corporate tax code, and the inheritance tax code
00:01:15.980 seem to be written for a different set of Americans.
00:01:18.980 It's time for an economic reset, a true minimum tax.
00:01:23.200 So you can pause it right there.
00:01:23.980 A true minimum tax.
00:01:24.580 Folks, here's what he's saying to you.
00:01:26.000 He's saying vote for me to be the president so I can go tax everybody in the top 10% category.
00:01:30.840 And the top 10% isn't rich, by the way.
00:01:33.060 Top 10% makes $155,000 individually.
00:01:36.200 Household $255,000.
00:01:37.700 If you make $155,000 a year and you live in L.A., you're broke.
00:01:41.860 If you make $155,000 a year and you live in Manhattan, you are super broke.
00:01:46.860 If you make $255 a year and you live in Manhattan trying to have a decent life, you're broke.
00:01:53.600 If you're making $255 a year, that's 10% of households.
00:01:58.540 After taxes in the state of California, maybe you're keeping $150, give or take.
00:02:03.020 So what's $150, $12K a month?
00:02:04.760 Go ahead and pay for all the stuff that you have to pay in California.
00:02:07.300 You're broke.
00:02:08.920 So now does he not just, he doesn't just want to take this wealth tax to a, you know, the state.
00:02:14.200 He said no to.
00:02:14.920 Now he says, let's skip the state.
00:02:16.520 Let's go to national.
00:02:17.660 Hey, DSA, I'm here.
00:02:19.480 Socialists, vote for me.
00:02:20.380 I can be a socialist candidate. 0.90
00:02:22.100 Hey, Mamdani, give me some attention.
00:02:23.920 I'm going to be a socialist. 0.76
00:02:25.280 I'll be a good socialist.
00:02:26.600 Please, come on.
00:02:27.860 Let me cave.
00:02:29.280 Let me cave to these other Democrats and to these ideas.
00:02:32.580 And if you can go to my tweet, by the way, on what I said to him on this.
00:02:35.960 Yeah, right here, Gavin Newsom says, don't worry, we'll be taxing trillionaires even more.
00:02:38.880 Time to cough up after all that California corporate welfare.
00:02:41.760 He's talking about Elon Musk.
00:02:42.840 if he can go to the tweet on what I said towards him as well on this,
00:02:47.000 is he caved.
00:02:49.140 He caved.
00:02:49.980 That's what he did.
00:02:51.500 Socialists got him.
00:02:53.100 Newsom is officially a socialist.
00:02:55.320 Just go on X and go a little bit lower, go a little bit lower, lower, lower, lower.
00:02:59.360 It's coming up right there.
00:03:02.100 Go above that.
00:03:03.160 One minute you're a Democrat, next minute you're a socialist.
00:03:05.600 Did the DSA break you?
00:03:06.700 You know the billionaire tax is a bad idea.
00:03:08.560 Why not stand your ground as a Democrat instead of joining the socialist camp?
00:03:12.840 Tom, I'm going to come to you in a second.
00:03:14.040 Terrible strategy.
00:03:15.500 Here's what's going on.
00:03:16.640 They gave him $24 billion for homelessness.
00:03:19.740 He wasted it.
00:03:21.740 Homelessness doubled.
00:03:22.880 He had a $100 billion surplus in 2022.
00:03:26.760 You know what it was at the end of the year last year?
00:03:28.480 Minus $10 million.
00:03:29.560 You go from $100 billion in surplus to minus $10 billion.
00:03:33.240 He's got 216 to 246 billionaires in the state of California.
00:03:37.800 They don't think they're going to leave.
00:03:38.980 They think they're going to stick around and be over there.
00:03:40.660 They're not like, nah, people are not going to be leaving,
00:03:42.220 going to any other place. And they don't
00:03:44.240 realize the math behind this. This isn't a
00:03:46.140 5% tax. This is about an
00:03:48.040 8% to 10% tax. Here's him and
00:03:50.180 Elon Musk having a conversation together. Back
00:03:52.120 14 years ago when Elon Musk
00:03:54.200 was a liberal. I don't know if you've ever seen this or not.
00:03:56.160 I found this clip. Send it to the guys. Watch
00:03:58.120 this clip between him and Elon Musk. Go for it. Look how
00:04:00.120 friendly they look.
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00:04:32.000 Up to orbit and actually make its way down here in the Pacific Ocean.
00:04:35.840 What's your sense of where you are and what's your concern as you grow this company?
00:04:40.220 SpaceX is doing really well.
00:04:42.720 We had a successful mission at the space station.
00:04:45.000 We were able to go back there and back in.
00:04:47.920 It really exceeded our best expectations.
00:04:51.760 And now we're going to go do a whole bunch more missions like that.
00:04:55.160 We'll also be launching satellites, broadcast and communication satellites.
00:04:58.460 But you didn't come out of a background.
00:05:01.920 You didn't come out of NASA.
00:05:03.800 You didn't come out of a background in space.
00:05:05.360 It's an improbable outcome.
00:05:06.180 Yeah.
00:05:06.620 Yeah. Well, how did I mean? I mean, and the reason I frame, I mean, from PayPal and the Internet right there, changing the way we look at show from friendly.
00:05:16.660 You had him that SpaceX was tiny at the time compared to some of these other things.
00:05:21.440 Now it's a one point a two trillion auto company, what they got going on there.
00:05:25.120 And now he wants to tax billionaires. Tom, your thoughts on this with him wanting to tax billionaires nationally, well, tax, as well as targeting the top 10 percent.
00:05:32.540 Well, first of all, it's completely wrongheaded. But what you have to do is Gavin Newsom's policies are a polluted lake, and you have to go upstream from the polluted lake. You know, I'm a big fan of upstream, you know, analysis. January, Gavin Newsom was worried about the backlash that was coming from the billionaire tax. Some very big guys were leaving the state. Some people were getting in Gavin's ear saying, I don't know if this is good. This is going to hurt.
00:05:59.540 This is going to hurt revenue, the state of California. Gavin gets quiet. Remember that?
00:06:04.000 He was talking about it, but not like this. And then he actually was quoted in two articles
00:06:09.820 saying, I hope it doesn't pass. I'm not sure if it's the, I'm not sure if it's the way to go.
00:06:16.240 All of a sudden we had that Gavin Newsom. Then you remember that? Like April timeframe, I believe.
00:06:20.540 Then what happens? I will tell you when he flipped and I'll tell you what make him cave.
00:06:24.540 Cave is the right word, PBD. He caved. You know why he caved? The New York primaries. Three people sweep in from DSA right next to Mandami. And then Soros and the money is out there. You need two things. You need support and you need money from within the party. 0.65
00:06:42.580 And right now, the arm of the party, like the Tea Party was the arm of the Republicans some years ago, like MAGA was the arm of the Republicans in 16, now you're seeing DSA and Soros as the arm of strength and the arm of momentum.
00:07:00.420 And Gavin Newsom caved. Gavin Newsom moved right after those New York primaries, Pat. That's the way I see it.
00:07:07.140 now that's what happened um what's the outcome he doesn't understand or maybe he does understand
00:07:14.120 but i hope the voters understand when you give the democrats a knob like this on the dashboard
00:07:18.980 of taxation they turn it good news we're taxing the rich tomorrow morning bad news we also think
00:07:26.100 you're rich yep adam i don't know if gavin newsom even understands what he stands for at this point
00:07:32.400 i think he just looks at what's going on in the world and goes oh yep that's what i am now
00:07:36.700 There's three people that I just do not believe anything they say.
00:07:40.140 Number one is Gavin Newsom.
00:07:41.640 Number two is the IRGC.
00:07:43.440 And number three is my ex-girlfriend.
00:07:44.880 We won't talk about her.
00:07:46.180 Let's stay on Gavin Newsom.
00:07:47.740 By the way, taxes. 0.65
00:07:49.900 So what percentage of taxes does the 1% pay in America?
00:07:54.920 Based on the estimations, it's up to 40% of the overall federal taxes the 1% already pays.
00:08:00.500 The top 10% is 70%.
00:08:02.920 The top 50% pay 97% of taxes.
00:08:06.120 We're already getting taxed up the wazoo.
00:08:08.740 Gas tax, billionaire tax, wealth tax, income tax, state tax, tax, tax, tax.
00:08:13.240 And his answer is we got to tax more.
00:08:15.780 By the way, this is not an income tax.
00:08:17.820 It's a wealth tax.
00:08:18.520 So they're just going to tax your assets.
00:08:20.080 Five percent one-time wealth tax.
00:08:21.360 Seizure.
00:08:22.260 Yeah.
00:08:22.560 I mean, look, we've learned this before.
00:08:24.240 What did Ronald Reagan say?
00:08:25.480 The nine scariest words are I'm from the government.
00:08:27.240 I'm here to help.
00:08:28.040 They're not here to help.
00:08:28.860 They're here to seize your assets, seize the means of production.
00:08:32.040 And this is Gavin Newsom.
00:08:33.100 And by the way, it works for him somehow.
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