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Gavin Newsom is right that living standards have fallen for younger Americans. But his solution — a wealth tax, higher income and estate taxes, and nationalized stakes in AI companies — would make the problem worse. Living standards rise through productivity growth, which requires capital investment. Newsom’s plan would destroy capital and undermine the growth needed to help the very people he claims to champion. The problem isn’t that taxes are too low; it’s that government spending is too high. We don’t need higher taxes. We need to repeal the income and estate taxes, slash government spending, and return resources to the private sector where real growth is created.