(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
(May 26, 2026)
A California ballot initiative that will be put to voters in November would tax just 5 percent of billionaires’ 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 state’s runaway inequality.
The billionaire class in California includes roughly 250 households, a mere 0.001 percent of the state’s families. Yet its wealth now amounts to more than half of California’s 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.
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 — and that grassroots engagement helped drive this decision.
(April 20, 2026)
SAN FRANCISCO – Today, Our Revolution, America’s largest grassroots independent political organizing group, announced its endorsement of Tom Steyer for Governor of California, joining a surge of prominent endorsers getting behind Steyer’s campaign as early voting approaches. Our Revolution was founded as a continuation of Bernie Sanders’s 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 Steyer’s candidacy.
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 billionaire’s tax, has pledged to support closing the Water’s Edge Tax loophole, and has pledged to not take fossil fuel money.
The delegation’s collective wealth exceeds US$1.07 trillion, according to data from Forbes and United States Securities and Exchange Commission filings compiled by Quiver Quantitative, and each member holds a significant commercial stake in the bilateral relationship.
Tesla and SpaceX CEO Elon Musk leads the group with a personal net worth of US$827 billion, representing over 77 per cent of the delegation’s total wealth.
CHICAGO — Gov. JB Pritzker emerged as the kingmaker in deep-blue Illinois after pouring millions of dollars and staking his political reputation to deliver his hand-picked Senate candidate a primary victory on Tuesday.
The result strengthens Pritzker’s standing within his party at a critical moment, as he prepares for a November gubernatorial campaign for his third term and looks ahead to a potential presidential run in 2028.
The primary’s biggest winner might be Stratton’s top booster: Gov. JB Pritzker.
The Democratic governor, who is widely seen as a 2028 presidential contender, was unopposed in his own primary as he seeks a third term. But he pumped millions of dollars into lifting Stratton over two members of Congress in the race to replace retiring Democratic Sen. Dick Durbin.
More than $32 million in outside spending poured into four Chicago-area House contests, a tidal wave of cash led by groups tied to the American Israel Public Affairs Committee, the crypto sector and the artificial intelligence industry.
AIPAC and the A.I. industry wound up with split decisions. The crypto sector lost the two races where it spent roughly 90 percent of its money. And progressives failed to build momentum early in midterm primary season.
Here are four takeaways from primary night in Illinois:
(March 11, 2026)
When Cuban-American billionaire Jorge Mas Santos (henceforth, Mas) visited the White House last week, the meeting was less focused on Inter Miami’s MLS Cup victory and more on the evergreen influence of Miami’s business elite over Washington’s Cuba policy.
Mas, the chairman of a powerful family business empire and longtime political player in South Florida, has spent decades advocating for tightening U.S. sanctions on Cuba until the island’s political system changes. He inherited the position from his father, Jorge Mas Canosa, who formed the Cuban American National Foundation (CANF) with the help of the Reagan administration as part of Washington’s effort to counter leftist governments in Latin America and the Caribbean.
Khanna’s staff and consultants tried to talk him out of pursuing such legislation, explaining that it could make him look like a conspiracy theorist, instead of his desired image as a “serious economics guy.” But Khanna explained to his staff that the topic of Epstein kept coming up, especially when he appeared on podcasts or visited the more conservative parts of his district. He recalled a young man delivering a long rant at a recent town hall about how he didn’t trust the government because it was “protecting pedophiles” by not releasing the Epstein files or holding more people accountable. In that moment, Khanna told me, he realized that standing up for Epstein’s victims—and against the wealthy or powerful—was a way to build trust.
(February 10, 2026)
For the next decade, Epstein continued to recruit engineers from U.S. national security entities, including DARPA, to his genome hacking project. He asked Kathryn Ruemmler, the White House attorney who had handled the legal fallout from the Edward Snowden leaks, to help him source cryptographers from the National Security Agency. “Can you find a guy from nsa that can think about signal intelligence applied to DNA,” Epstein wrote . “I want to intercept communication between living cells in organisms.”
In late 2012, he had sent the same request to Boris Nikolic, Bill Gates’ top aide: “do you have any contacts at nsa so that we can use de encypriton (sic) in biological systems?” “Yes,” Nikolic replied, “There are no many places where I do not have someone ;)”
(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.
“Billionaires have a unique opportunity to save healthcare for Californians, feed hungry families, and reinvest in our public schools,” Thurmond said. “Growing 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.”
How it Works
Paid only by Californians worth more than $1 billion—about 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.
(January 16, 2025)
The very richest Americans are among the biggest winners from President Joe Biden’s time in office, despite his farewell address warning of an “oligarchy” and a “tech industrial complex” 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.
(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
A statewide ballot initiative to enact an emergency tax on billionaires to save California’s 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
(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.
(January 12, 2026)
The conversations, reported here for the first time, have occurred intermittently for months as SEIU-UHW’s 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 titans’ wrath and vows to move out of state.
“We’ve been at this for four months,” Newsom said in an interview with POLITICO, describing an “all-hands” effort that has included him meeting one-on-one with SEIU-UHW’s 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.
Who do you not know!
On Jun 8, 2018, at 17:39, jeffrey E.
you do know that kathy ruemmler is my close buddy
(February 16, 2026)
Epstein was keen to profit from armed conflicts on the African continent. While negotiating DP World’s access to Nigeria, he was also helping Zeitlin navigate around U.S. sanctions on Ivan Glasenberg, the Israeli-South African CEO of mining giant Glencore, and Oleg Deripaska, then-chairman of the Russian aluminum titan Rusal. Glencore’s operations had been disrupted by a fraud probe into their dealings with Israeli mining kingpin Dan Gertler in Congo-Kinshasa. “Do you know Oleg Deripaska or Ivan Glasenberg?” Zeitlin asked Epstein. “Easy,” Epstein replied.
The American financier had deep ties to Israeli mining and military outfits in Africa, which he helped support alongside former Israeli Prime Minister Ehud Barak—a close associate with whom Epstein corresponded almost daily. “With civil unrest exploding in ukraine syria, somolia, libya, and the desperation of those in power,” Epstein wrote in a 2014 email to Barak, “isn’t this perfect for you.” Barak replied, “You’re right [in] a way. But not simple to transform it into a cash flow.”
(February 19, 2026)
Four days before he pleaded guilty in Florida in 2008 to soliciting sex with someone younger than 18, Epstein received an email from Wexner.
„Abigail told me the response,“ Wexner wrote, referring to his wife. „All I can say is I feel sorry. You violated your own number 1 rule … Always be careful.“
Epstein’s reply: „no excuse.“
When asked in the deposition about the email, Wexner said he didn‘t know what prompted him to write, except that he was angry with Epstein over the financier‘s actions.
Feb 20, 2026 The Young Turks
Billionaire Les Wexner didn‘t seem to remember much about his ties with Jeffrey Epstein during a hearing. Cenk Uygur and Ana Kasparian discuss on The Young Turks.
WASHINGTON—The House Committee on Oversight and Government Reform today released the video of Les Wexner’s deposition, which occurred on February 18, 2026 in Ohio:
Feb 20, 2026 #LesWexner #PrinceAndrew #EpsteinFiles
Lawmakers are calling for justice against alleged associates of Jeffrey Epstein in the U.S. after the arrest of former Prince Andrew in Britain. Rep. Ro Khanna, D-Calif., discusses.
(February 18, 2026)
Following a deposition of billionaire Les Wexner on Wednesday, Democratic lawmaker Rep. Robert Garcia said the former CEO of Victoria’s Secret lingerie brand claimed he was never contacted by the U.S. Department of Justice or the FBI about his ties to late convicted sex offender Jeffrey Epstein. „How outrageous is that?“ Garcia said.
(February 18, 2026)
Former retail magnate Les Wexner was deposed Wednesday by the House Oversight Committee in Ohio, and no Republican members were present for the session, multiple news outlets reported — adding a new flashpoint in the congressional probe into Jeffrey Epstein’s network.
The questioning took place at Wexner’s home in New Albany, Ohio, where Democratic lawmakers led the deposition into the billionaire’s decades-long ties with Epstein following the release of justice department files under the Epstein Files Transparency Act