Newsom said he supports "a true minimum tax on billionaires - a modern Buffett Rule" to ensure the wealthiest Americans pay at least the same tax rate as their workers.

He also called for eliminating tax breaks and loopholes that primarily benefit ultra-wealthy individuals, according to the report.

The proposal comes as Newsom, who is widely viewed as a potential Democratic presidential candidate in 2028, continues to outline his national policy agenda, CNBC reported.

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