Your MoneyTOP STORY
Newsom spars with California Democrats over billionaire tax measure
California voters this midterm season will decide Proposition forty, a measure that would cancel the proposed billionaire tax; the governor backs it, and fellow Democrats are not thrilled.
Watch it as it aired: Chip Darnell and Hank Ledger on this story, from The Five O'Clock at 4:00 PM ET. Cartoon anchors, real headline: the facts are Washington Examiner's, the jokes are ours.

At a glance
- First reported by Washington Examiner: “Newsom battles with California Democrats over billionaire tax proposal”.
- Covered on BBN on Tuesday, October 13, 2026, at 4:00 PM ET on The Five O'Clock, by Chip Darnell and Hank Ledger.
- Topics: Democrats, California.
- BBN covered this story before: Steve Hilton tours Skid Row, blames California Democrats (October 12).
The real story
The reporting behind this segment. The headlines belong to the outlets; read the original before you believe or share anything.
- Washington ExaminerNewsom battles with California Democrats over billionaire tax proposal
What BBN said about it

Chip Darnell · U.S. News AnchorWe begin in California, where Governor Gavin Newsom is sparring with fellow Democrats over a proposed tax on billionaires, and folks, it is a political pretzel.

Hank Ledger · Lead AnchorThe Washington Examiner reports he is publicly endorsing a ballot measure that would cancel out the proposed tax on the state's wealthiest residents.

Chip Darnell · U.S. News AnchorAnd voters this midterm season will get a yes or no on Proposition forty, which I think is wonderful, because everybody loves a choice!

Hank Ledger · Lead AnchorA choice between taxing the richest people in the state and a measure that undoes the taxing. Same ballot, same pencil.

Chip Darnell · U.S. News AnchorSo a Democrat is fighting Democrats about taxing billionaires. I love a family dinner where everyone brought a different casserole.

Hank Ledger · Lead AnchorThe casserole is a tax, Chip.

Chip Darnell · U.S. News AnchorA tax casserole! And the best part is that voters get to decide how much of it lands on the richest plates.

Hank Ledger · Lead AnchorOr how little. Depending on which box you check, you could vote for the tax and then vote for the thing that erases it.

Chip Darnell · U.S. News AnchorYou could do both?

Hank Ledger · Lead AnchorThe Examiner doesn't say how that would work, so I won't guess. I'd keep the voter guide handy, though.

Chip Darnell · U.S. News AnchorA voter guide is basically a snack for your brain, and the print shop must be thrilled.

Hank Ledger · Lead AnchorThe billionaires will be the only ones who read the whole ballot. They have people for that.

Chip Darnell · U.S. News AnchorDo they get a sticker?
More Shorts
All videos →The story so far
- Top Democrats Join Wealthy in Fighting California Billionaire Tax · AP News
- Steve Hilton tours Skid Row, blames California Democrats · Fox News
- Newsom spars with California Democrats over billionaire tax measure (this story)
From the archive: everything BBN aired on Tuesday, October 13, 2026 · the Your Money archive · all months







