Billionaire Tom Steyer came out in favor of a proposed tax on California\u2019s wealthiest residents, adding a prominent voice to a debate that has divided top Democrats and rattled Silicon Valley\u2019s elite.\u00a0<\/p>\n
Steyer, who is running for California governor, said he\u2019ll vote for the one-time 5% tax on billionaire wealth if it reaches the November ballot, even as he expressed concerns about the levy\u2019s design.\u00a0<\/p>\n
\u201cAs drafted, the billionaire tax is a temporary fix to a permanent, structural problem, trying to backfill the damage caused by the Trump administration\u2019s disastrous cuts to Medi-Cal, the healthcare system for more than one in three Californians,\u201d Steyer said in a post on his Substack. \u201cLet me be clear though: If there\u2019s an opportunity to tax wealthy people to fund health care and education, I\u2019d vote for it all day long.\u201d\u00a0<\/p>\n
His support deepens the divisions among Democrats and progressives over how to approach the tax, which was proposed by a union as a way to fund health care. Governor Gavin Newsom and another candidate to replace him, Katie Porter, have\u00a0opposed<\/a>\u00a0the measure. Vermont Senator Bernie Sanders and one of his California allies, US Representative Ro Khanna, have endorsed it.\u00a0<\/p>\n If the proposal passes, Steyer could be facing a more than $237 million tax bill based on his $4.75 billion net worth, according to the Bloomberg Billionaires Index.<\/p>\n