Billionaire Tom Steyer Says He’d Vote for California Wealth Tax

Billionaire Tom Steyer came out in favor of a proposed tax on California’s wealthiest residents, adding a prominent voice to a debate that has divided top Democrats and rattled Silicon Valley’s elite.

Steyer, who is running for California governor, said he’ll vote for the one-time 5% tax on billionaire wealth if it reaches the November ballot, even as he expressed concerns about the levy’s design.

Tom Steyer

Photographer: Mike Coppola/Getty Images

“As drafted, the billionaire tax is a temporary fix to a permanent, structural problem, trying to backfill the damage caused by the Trump administration’s disastrous cuts to Medi-Cal, the healthcare system for more than ...