Tom Steyer Pitches Wealth Tax in California Governor Race as His $132 Million Spend Draws Scrutiny
Updated
Updated · The Guardian · May 17
Tom Steyer Pitches Wealth Tax in California Governor Race as His $132 Million Spend Draws Scrutiny
2 articles · Updated · The Guardian · May 17
$2.4 billion investor Tom Steyer used a campaign stop in East Los Angeles to argue California should tax the ultra-wealthy more, making affordability his central message before the June 2 primary.
His pitch targets a moment of sharp anti-elite anger: 53% of Americans now say billionaires threaten democracy, while California voters face the nation’s highest living costs and gas above $6 a gallon.
Steyer has spent more than $132 million of his own money in seven months, helping him emerge as a leading progressive candidate while rivals question whether a billionaire can credibly run against concentrated wealth.
Labor leaders, Ro Khanna, Our Revolution and even California’s Democratic Socialists have backed him as the closest match to their agenda, though some supporters still say they remain uneasy about electing a billionaire.
With European wealth taxes failing, how can California's plan succeed without causing a billionaire exodus?
Can a billionaire who profited from the system genuinely fix its deep-seated inequalities?
Billionaires, Ballots, and Backlash: Tom Steyer’s Self-Funded Campaign and California’s 2026 Wealth Tax Showdown
Overview
The 2026 California governor’s race is wide open after Gavin Newsom is barred from re-election, with Tom Steyer emerging as a leading contender. Steyer’s campaign stands out for his massive personal financial investment, making him a powerful yet controversial figure. His self-funded strategy has drawn intense opposition from special interests, who have spent millions attacking his record. Steyer’s active participation in debates and his bold proposals, like challenging utility monopolies and supporting a billionaire wealth tax for healthcare, have made him a central figure in both the election and the state’s broader debate over economic fairness and political influence.