Story perspectives

Steyer Backs Wealth Tax, Sparking Democratic Divisions

1/27/2026

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Summary

Story summary

Tom Steyer (billionaire, gubernatorial candidate) backs a 5% wealth tax on California's wealthiest residents to fund health care and education.
His endorsement deepens Democratic divisions, with Newsom and Porter opposing the measure.
Senator Bernie Sanders and Representative Ro Khanna endorse the tax.
The measure would require nearly 900,000 signatures to qualify for the ballot and could raise revenue.
Steyer's campaign focuses on closing corporate tax loopholes and addressing wealth inequality.

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Story summary

Tom Steyer (billionaire, gubernatorial candidate) backs a 5% wealth tax on California's wealthiest residents to fund health care and education.
His endorsement deepens Democratic divisions, with Newsom and Porter opposing the measure.
Senator Bernie Sanders and Representative Ro Khanna endorse the tax.
The measure would require nearly 900,000 signatures to qualify for the ballot and could raise revenue.
Steyer's campaign focuses on closing corporate tax loopholes and addressing wealth inequality.