(June 26, 2026)
âThe misdirect here is that Newsom is opposing a WEALTH tax on billionaires in his own state and insisting he supports a new national INCOME tax on billionaires. But billionaires make money off non-income sources.â
Archiv: California Billionaire Tax Act
Democratic socialists eye 2028 White House race
(June 25, 2026)
The Democratic Socialists of America (DSA) are eyeing a 2028 presidential bid in the wake of recent electoral successes across the country.
DSA Co-chair Ashik Siddique told The Hill in a Thursday interview that the organization has more than 100,000 members and 200 chapters across the country. âWe want people to be talking proactively about what they would want to see in a presidential campaign,â he said. The organization is looking to see how voters would engage and what would motivate them, he added.
The union man who unleashed a political earthquake in California
(March 25, 2026)
When Gavin Newsom stood before a room of economic elites in New York last December and derided a âsingle labor leaderâ pushing a tax on California billionaires, he never said his name. He didnât need to.
Everyone in California politics knows of Dave Regan, the legendarily combative health care union chief who has spent decades wielding Californiaâs ballot initiative system against the health care industry.
But his newest mission is on a scale orders of magnitude larger.
California billionaire tax headed for ballot despite top Democratsâ opposition
The push to put a billionaire tax to a popular vote in blue California has exposed deep divides on the left, even as Democratic politicians across the country rally around calls for the wealthy to pay more. The issue is pitting the populist mood of the public against many Democratsâ fears that the measure will push the ultrawealthy to join a broader exodus from the state and take their tax dollars with them.
Gavin Newsom fails to stop Californiaâs controversial billionaire tax from going to voters
(June 25, 2026)
SEIU-United Healthcare Workers West President Dave Regan refused to back down on the billionaire tax.
Gavin Newsom moves to neutralize tax on billionaires
(January 12, 2026)
The conversations, reported here for the first time, have occurred intermittently for months as SEIU-UHWâs ballot initiative targeting billionaires migrated from the backrooms of California politics to the center of a raging debate about Silicon Valley and income inequality, sparking tech titansâ wrath and vows to move out of state.
âWeâve been at this for four months,â Newsom said in an interview with POLITICO, describing an âall-handsâ effort that has included him meeting one-on-one with SEIU-UHWâs leader, Dave Regan.
A compromise does not appear imminent. A union official cast doubt on the possibility of a deal, saying the two sides do not currently have another meeting scheduled and framing a ballot fight as an inevitability.
California Billionaire Tax Act
Our solution: The California Billionaire Tax Act
Weâre calling on Californiaâs billionaires to step up and pay a one-time, emergency 5% tax to prevent the collapse of California healthcare and help fund California public K-14 education and state food assistance programs. This would protect healthcare jobs and ensure working people and families can get the care they need. The tax would be paid only by Californians worth more than $1 billion â which is about 200 people who hold a combined wealth of $2 trillion.
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U.S. Net Wealth Is Over $135 Trillion. Hereâs Where That Money Resides.
(Sept 13, 2023)
At the Private and Public Sector Entity Levels. (In trillions of U.S. dollars)
PRIVATE SECTOR:
Households 121.9
Nonprofits 8.6
Noncorporate businesses 17.2
Total U.S. Private Sector 147.7
PUBLIC SECTOR:
Federal government – 21.3
State and local government 11.5
Total U.S. Public Sector – 9.8
Instrument discrepancies – 1.1
TOTAL U.S. WEALTH 136.8
The Case for Californiaâs Billionaire Wealth Tax
(May 26, 2026)
A California ballot initiative that will be put to voters in November would tax just 5 percent of billionairesâ fortunes over five years. This trailblazing wealth tax would be a small (for the ultrawealthy) but important (for everyone else) step toward raising needed tax revenue and curbing the stateâs runaway inequality.
The billionaire class in California includes roughly 250 households, a mere 0.001 percent of the stateâs families. Yet its wealth now amounts to more than half of Californiaâs entire annual economic output.
This means that if these billionaires spent all of their wealth, they could buy more than half of the goods and services produced in a year in the entire state.
Tom Steyer for Governor of California
Yes, Tom Steyer is a billionaire. But it matters what he is doing with that power: pushing for taxes on the wealthy, expanding universal programs, and dismantling corporate influence in our politics.
This is also about winning.
In a high-stakes race where Republicans could take the top spot, consolidating behind a candidate who is both values-aligned and building momentum is essential. Our organizers on the ground in California are seeing real energy around Steyer for Governor â and that grassroots engagement helped drive this decision.
Our Revolution, Nationâs Largest Independent Grassroots Political Organization, Endorses Steyer
(April 20, 2026)
SAN FRANCISCO â Today, Our Revolution, Americaâs largest grassroots independent political organizing group, announced its endorsement of Tom Steyer for Governor of California, joining a surge of prominent endorsers getting behind Steyerâs campaign as early voting approaches. Our Revolution was founded as a continuation of Bernie Sandersâs historic 2016 presidential campaign and works to mobilize voters and elect progressive candidates across the country. In the coming months, it will mobilize its more than one million Californian members to organize and volunteer in support of Steyerâs candidacy.
In California, Vote Against the Forces Destroying Democracy
It is painful that the one person who has spent the past decades aggressively supporting democracy, fighting for immigrant rights, fighting the tendency toward oligarchy in our politics, and challenging the fossil fuel industry is himself a billionaire. But the facts are that Tom Steyer will not veto the billionaireâs tax, has pledged to support closing the Waterâs Edge Tax loophole, and has pledged to not take fossil fuel money.
California gubernatorial candidate Tony Thurmond endorses California Billionaire Tax
(February 20, 2026)
Thurmond, a longtime champion of programs to counter food insecurity, sponsored a state law that currently funds universal school meals for every California student. Today, Thurmond praised the Billionaire Tax for helping children and families when they need it most, by funding food, supporting K-14 public education, and protecting healthcare for all Californians.
âBillionaires have a unique opportunity to save healthcare for Californians, feed hungry families, and reinvest in our public schools,â Thurmond said. âGrowing up in poverty, having access to healthcare and food aid kept me and my brother alive, and public education offered us a ladder to the middle class. At a time of unprecedented wealth and income inequality, now is the time to strengthen that ladder for the next generation, not pull it up behind us.â
Tax billionaires. Stop the healthcare collapse.
How it Works
Paid only by Californians worth more than $1 billionâabout 200 people who together hold $2 trillion in wealth, most of which will never be taxed in their lifetimes due to loopholes in state and federal tax laws.
Raises about $100 billion to replace lost federal dollars and protect essential services. Directs 90% of funds to healthcare and 10% to public K-14 education and state food assistance programs.
No new taxes on the middle class, small businesses, or homeowners.
What it does for Californians
Keeps hospital ERs, clinics, nursing homes, and home care open and staffed in every community.
Stabilizes premiums and coverage, so families can see a doctor when they need one.
Protects healthcare jobs and the middle-class economy they support.
Funds public K-14 education to keep classrooms staffed, protect programs, and ensure every child gets a quality education.
Funds state food assistance programs to keep millions of Californians from losing access to food and support school nutrition programs.
What we want is simple
Protect our fragile healthcare system from collapse so our families can get the care we need.
Billionaires doing their part to support California and contribute to the social safety nets and public infrastructure that enabled their wealth accumulation.
A state with a strong middle class where everyone can thrive.
American âOligarchyâ Decried by Biden Gained $1.5 Trillion in His Term
(January 16, 2025)
The very richest Americans are among the biggest winners from President Joe Bidenâs time in office, despite his farewell address warning of an âoligarchyâ and a âtech industrial complexâ that threaten US democracy.
The 100 wealthiest Americans got more than $1.5 trillion richer over the last four years, with tech tycoons including Elon Musk, Larry Ellison and Mark Zuckerberg leading the way, according to the Bloomberg Billionaires Index. The top 0.1% gained more than $6 trillion, Federal Reserve estimates through September show.
U.S. Net Wealth Is Over $135 Trillion. Hereâs Where That Money Resides.
(Sept 13, 2023)
At the Private and Public Sector Entity Levels. (In trillions of U.S. dollars)
PRIVATE SECTOR:
Households 121.9
Nonprofits 8.6
Noncorporate businesses 17.2
Total U.S. Private Sector 147.7
PUBLIC SECTOR:
Federal government – 21.3
State and local government 11.5
Total U.S. Public Sector – 9.8
Instrument discrepancies – 1.1
TOTAL U.S. WEALTH 136.8
California Billionaire Tax Act
California Billionaire Tax Act
A statewide ballot initiative to enact an emergency tax on billionaires to save Californiaâs healthcare system from collapse
Massive cuts to federal healthcare funding are driving California towards a healthcare collapse. The federal funding cuts will strip roughly $100 billion from California healthcare over the next five years, leading to:
Short-staffed shifts: Skeleton crews left on the front lines as 145,000 healthcare jobs disappear
Higher costs and lost coverage: Insurance premiums go up for everyone, and millions of Californians lose coverage altogether.
Facility closures and reduced services: Hospitals, clinics, nursing homes, and home care will be forced to reduce services or close down.
Our solution: The California Billionaire Tax Act
Should billionaires pay more? California unions want voters to decide
(October 24, 2025)
The proposed initiative would tax the 2025 net worth of billionaires residing in California, allowing them to pay off the obligation over five years. The revenue would go into a special fund with 90% reserved for health care spending and 10% reserved for K-12 education spending.
It needs 874,641 signatures to be placed before voters on the 2026 ballot, a number that the groups are confident they can reach. Getting voters to ultimately approve the tax, however, could be a hard sell.
Gavin Newsom moves to neutralize tax on billionaires
(January 12, 2026)
The conversations, reported here for the first time, have occurred intermittently for months as SEIU-UHWâs ballot initiative targeting billionaires migrated from the backrooms of California politics to the center of a raging debate about Silicon Valley and income inequality, sparking tech titansâ wrath and vows to move out of state.
âWeâve been at this for four months,â Newsom said in an interview with POLITICO, describing an âall-handsâ effort that has included him meeting one-on-one with SEIU-UHWâs leader, Dave Regan.
A compromise does not appear imminent. A union official cast doubt on the possibility of a deal, saying the two sides do not currently have another meeting scheduled and framing a ballot fight as an inevitability.