Opinion: Gavin Newsom’s intriguing proposal to close a tax loophole
The 2023-24 budget that Gov. Gavin Newsom put forward last month contains an intriguing one-paragraph proposal to close a loophole that allows wealthy Californians to set up trusts in other states and avoid state income taxes on their profits.
It’s intriguing because the Franchise Tax Board, California’s income tax agency, first proposed to make out-of-state INGs subject to state taxation in 2021, after New York closed a similar loophole. But nothing was done until this year. Finally, it’s intriguing because 13 days after Newsom unveiled his budget, New Yorker magazine published a lengthy article suggesting that the family of San Francisco billionaire Gordon Getty had set up trusts in Nevada for Getty’s daughters specifically to avoid California taxes.
Newsom’s father, William, was an appellate court judge, appointed by old family friend Jerry Brown, before leaving the bench to manage the trust. It was created in the 1980s after the Gettys persuaded the Legislature to change California trust law and thus allow Gordon to claim his share of J. Paul Getty’s immense fortune.
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