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Running for California Governor, Tom Steyer Says Billionaires Like Him ‘Should Pay More Taxes’
"I'm the billionaire who wants to tax people like me more. I'm the billionaire who's willing to stand up to the monopolies and the people who are ripping off Californians."
Apr 22, 2026
In a California gubernatorial race characterized by a lack of clear progressive choices and the specter of an all-Republican general election under the state's so-called "jungle primary," a hedge fund billionaire who believes that plutocrats like himself should pay more taxes is gaining progressive support.
On Tuesday, Farallon Capital founder Tom Steyer was endorsed by Our Revolution, the progressive political action group launched as a continuation of Sen. Bernie Sanders (I-Vt.) kneecapped 2016 presidential campaign.
Our Rev said that Steyer "has stepped forward with a platform that is clearly aligned with the priorities of our movement—single-payer healthcare, taxing extreme wealth, bold climate action, and getting money out of politics."
Steyer was interviewed Tuesday by The Lever's David Sirota, who asked about Our Revolution's support for a plebiscite to "tax billionaires like yourself," and how he squares "being the progressive movement's choice in this race while being one of the people who there's a ballot initiative to tax more."
The California Billionaire Tax would impose a one-time 5% wealth tax on people worth $1 billion or more, to be paid in annual installments of 1% over five years. According to Forbes, Steyer is currently worth $2.4 billion.
"Well, David, I think people like me who are billionaires should pay more taxes," Steyer said.
"I'm the billionaire who wants to tax people like me more," Steyer added. "I'm the billionaire who's willing to stand up to the monopolies and the people who are ripping off Californians. I've done it for 15 years and I'll keep doing it."
That message has been echoed in one of Steyer's campaign ads, in which he asserts that "it's time for billionaires like me and big corporations to buy into the future of California and be willing to pay more."
Steyer continues:
A lot of people in California are acting as if we have a zero-sum game and they're defending their wealth and they're trying to make sure that they minimize their taxes. I am not scared about paying more money. Working Californians are being priced out of this state. It is not okay. We are creating more than enough money in this state for us all to succeed together without anybody suffering... [I] think that everybody who succeeded in this state owes a huge debt to the people who built this state and the working people who make this state run and work their asses off.
"We need to change our tax system," Steyer concludes in the ad. "We need more revenue. We need to be fair and I pledge to do all of those things. This is not rocket science."
In addition to his stance on taxation, Steyer has gained progressive support by funding climate initiatives, opposing the Trump administration's deadly anti-immigrant crackdown, and pouring more than $120 million into efforts to impeach President Donald Trump and in support of Proposition 50, the successful state ballot measure to redraw the state's congressional map in retaliation for Trump-backed Republican gerrymandering in Texas. He is also a prolific philanthropist.
On the flip side, the fact that Steyer is a hedge fund billionaire whose heavily self-funded campaign is the opposite of grassroots continues to fuel skepticism among progressives, many of whom view the mere existence of billionaires as an abject public policy failure. Steyer also came under fire over the revelation that his portfolio had been invested in private prison stocks decades ago.
Steyer said during his interview with Sirota that he doesn't agree with the assertion that billionaires are a public policy failure.
"I think that phrase obviously goes back to Karl Marx," he said. "And I believe if someone wants to come to California who has an idea to change the world and forms a company around it and it does really well and as a result they make a lot of money, that's fine with me."
With a dearth of progressives to choose from, more and more left-leaning groups and individuals are throwing their support behind Steyer. These include Courage California, Third Act, the California Teachers Association and other labor groups, and state lawmakers including Assemblymen Ash Kalra (D-25) and Alex Lee (D-24).
Some progressives are reluctantly backing Steyer due to the very real possibility of an all-Republican general election under California's open primary—in which the top two vote-getters advance, regardless of party. The "jungle primary" is set for June 2.
The latest weighted polling shows Trump-backed Fox News host Steve Hilton leading the race with 16% support, followed closely by Riverside County Sheriff Chad Bianco at 14%. Those Republicans are trailed by Steyer (13%) and other Democrats: former California Attorney General Xavier Becerra (13%), former Congresswoman Katie Porter (10%), and San Jose Mayor Matt Mahan—the top choice of numerous Big Tech billionaires—at 5%.
Erstwhile Democratic frontrunner and now former Congressman Eric Swalwell suspended his race for governor and quit Congress earlier this month amid mounting allegations of rape and other sex crimes that he has denied.
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Message to Senate Dems: No Confirmation of New AG Without Commitment on Epstein Files Release
“The American people are tired of a system where the powerful operate under a different set of rules. This is a moment to draw a line."
Apr 03, 2026
With Pam Bondi fired from her position as US attorney general, progressive campaigners on Friday said that Democrats in the Senate, although they are in the minority, must use the leverage they have to force a release of all the remaining files concerning convicted sex offender Jeffrey Epstein.
"Even in the minority, Senate Democrats have tools to exert pressure—by withholding votes, slowing proceedings, and setting clear conditions," said the grassroots group Our Revolution as it launched a nationwide petition demanding that Senate Democrats block the confirmation of Bondi's replacement unless they commit to the document release. "That leverage must be used."
Our Revolution elevated a call from US Rep. Ro Khanna (D-Calif.), who along with Rep. Thomas Massie (R-Ky.) has led the push for the US Department of Justice (DOJ) to release all of the Epstein files.
The latest release of files, which Bondi oversaw and which didn't occur until more than a month after a December 2025 deadline, failed to protect the identities of some survivors of the abuse perpetrated by Epstein and his vast network of powerful associates, while redacting the identities of many of the alleged abusers. Last month at a congressional hearing, Bondi refused to apologize to the survivors in attendance.
Khanna and Massie as well as Rep. Robert Garcia (D-Calif.) have led Democrats in demanding the release of 3 million more files that remain, which Garcia said in February include official FBI interviews regarding allegations that President Donald Trump sexually assaulted a 13-year-old child.
The release of files in late January included thousands of references to Trump, but Khanna said the release amounted to a "cover-up" due to the absence of many official FBI survivor statements.
Khanna said in an interview with NPR on Friday that "the Senate should make it absolutely clear they will not confirm a new attorney general unless that attorney general commits to the release of all these files and commits to starting investigations. And if that new attorney general doesn't live up to that word, they will have the same fate as Pam Bondi."
He added that acting Attorney General Todd Blanche—who stepped into the role vacated by Bondi without needing to go through the confirmation process due to his previous confirmation as Bondi's deputy—has falsely stated that "all the files" the DOJ can release have already been disclosed to the public.
"That's just not factual," said Khanna. "In the past, he said that there are 3 million files that have not been released. Now, he claims that they're not releasing those because they're protecting the identity of survivors. But if you talk to the survivors, if you talk to the survivors' lawyers, they will tell you, in fact, that the DOJ was reckless and did not protect their identity. And the 3 million files that haven't been released have the survivors' statements to the FBI agents, where the survivors name the rich and powerful people who raped them, abused them, showed up to Epstein's island, and that they are protecting a group of people who aren't playing by the same rules. This is about two tiers of justice in America."
Massie offered his congratulations to Blanche on Thursday before telling him, "Now you have 30 days to release the rest of the files before becoming criminally liable for failure to comply with the Epstein Files Transparency Act."
Our Revolution said Senate Democrats must condition any confirmation vote for Bondi's successor on "a clear commitment" to:
- Release all Epstein-related files with only the most limited and necessary redactions;
- Provide full disclosure of what the federal government knows about the Epstein files;
- Initiate credible investigations and prosecutions of the Epstein network and any co-conspirators; and
- Uphold the rule of law without targeting political opponents or shielding elites.
“The American people are tired of a system where the powerful operate under a different set of rules," said Joseph Geevarghese, executive director of Our Revolution. "This is a moment to draw a line. There should be no confirmation vote without a clear commitment to release the Epstein files, pursue prosecutions, and restore trust in the rule of law.”
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Conceding NJ Race, Malinowski Applauds Progressive Winner Mejía for ‘Inspiring So Many Voters’
Former Rep. Tom Malinowski also decried the influence of AIPAC “dark money” on the Democratic primary process.
Feb 10, 2026
Former Rep. Tom Malinowski on Tuesday conceded the 2026 Democratic primary race to represent New Jersey's 11th Congressional District to progressive challenger Analilia Mejía, whom he vowed to back in the general election.
In a statement posted on social media, Malinowski praised Mejía for "running a positive campaign and for inspiring so many voters," while also emphasizing that "it is essential that we send a Democrat to Washington to fill this seat, not a rubber stamp" for President Donald Trump.
Malinowski then unloaded on the American Israel Public Affairs Committee (AIPAC), the largest pro-Israel lobbying group in the US. Through its super PAC, the United Democracy Project, AIPAC spent a significant sum hammering the former Democratic congressman with negative ads that accused him of supporting Trump and US Immigration and Custom Enforcement (ICE) operations.
"The outcome of this race cannot be understood without also taking into account the massive flood of dark money that AIPAC spent on dishonest ads," he said. "I wish I could say today that this effort, which was meant to intimidate Democrats across the country, failed in NJ-11. But it did not. I met several voters in the final days of the campaign who had seen the ads and asked me, sincerely, 'Are you MAGA? Are you for ICE?'"
During his previous tenure serving in Congress from 2019 to 2023, Malinowski was a reliable vote in favor of sending military aid to Israel. However, AIPAC and some associated political action committees decided to target the New Jersey Democrat when he suggested putting conditions on future aid packages to Israel.
Malinowski said that no Democrat should accept support from AIPAC, which he described as a pernicious influence on US elections.
"Our Democratic Party should have nothing to do with a pro-Trump-billionaire-funded organization," he said, "that demands absolute fealty to positions that are outside of the American pro-Israel community, then smears those who don't fall in line."
Malinowski vowed to oppose any candidate that AIPAC backs "openly or surreptitiously" in future contests in the district.
"The threat unlimited dark money poses to our democracy," he emphasized, "is far more significant than the views of a single member of Congress on Middle East policy."
Sen. Bernie Sanders (I-Vt.), who also endorsed Mejía in the Democratic primary, also congratulated her on her win, emphasizing the significant number of obstacles she needed to overcome before emerging victorious.
"Starting with almost no name recognition, Analilia Mejía took on the oligarchs, the Republican establishment and Democratic establishment—and WON," Sanders wrote on social media. "The American people want leaders who stand up to the billionaire class and fight for working families."
The progressive advocacy organization Our Revolution praised Mejía for beating New Jersey machine politics, and pointed to her past campaign work as a sign of what she could do if she wins the April general election and is sworn in as a congresswoman.
"As a grassroots organizer, she helped win a $15 minimum wage and paid sick days," Our Revolution wrote. "As national political director for Bernie 2020, she's built movements to un-rig the economy. Now, she's ready to take this fight to Washington. When we organize, we win!"
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