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Tom Steyer generally supports taxing billionaires and has frequently stated that he is “fine” with being taxed more himself to address inequality. However, in his current 2026 campaign for California Governor, he has expressed significant reservations about a specific proposal currently being debated in the state—a one-time 5% wealth tax on billionaires.
Tom Steyer | Substack +3
His nuanced position can be broken down as follows:
General Support for Taxing the Wealthy
- “Tax People Like Me”: Steyer often uses the slogan that he is the “billionaire who wants to tax billionaires”.
- Fair Share: He argues that the wealthy have an obligation to contribute more to fund essential services like education, healthcare, and climate action.
- Long-Term History: During his 2020 presidential run, he was one of the first candidates to propose a federal wealth tax (1% on net worth over $32 million). Tom Steyer | Substack +4
Opposition to the Current “Billionaire Tax Act”
Despite his general stance, Steyer has criticized the specific California Billionaire Tax Act (a one-time 5% levy) on the following grounds:
- Temporary Fix: He views it as a “one-time” solution to “permanent, structural problems”.
- Design Concerns: He has called the current version of the bill a “temporary fix” to backfill budget cuts rather than a durable reform.
- Impact: While he says he would still vote for it if it reached the ballot, he argues it is “not the answer” compared to his own proposals. Tom Steyer | Substack +3
Steyer’s Alternative Proposals
Steyer advocates for different methods of raising revenue that he considers more sustainable:
- Closing Corporate Loopholes: His primary focus is on ending the “water’s edge” loophole for multinational corporations and increasing taxes on commercial property.
- “Split Roll” Property Tax: He proposes revisiting Proposition 13 to tax commercial real estate at current market values, which he claims would bring in more permanent revenue than a one-time billionaire tax.
- Corporate Accountability: He emphasizes making “polluters pay,” specifically targeting oil and utility companies. Instagram +4
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