billionaire

The more I think about Proposition 40, the billionaire tax that will go before California voters in November, the angrier I get.

I’m angry at President Trump. His cruel slashing of Medicaid threatens the health of millions of Californians, may lead to the loss of hundreds of thousands of medical jobs and is the stated reason behind Proposition 40, which would levy a one-time 5% tax on billionaires. Trump invoked government deficits, but this was really his latest attack against people he sees as losers and thus expendable — people of color, the undocumented and especially the poor. “Evil” isn’t mean enough a word to describe this.

I’m upset at what Proposition 40 proposes to do. It’s a temporary stopgap that doesn’t reverse Trump’s Medicaid cuts and won’t solve the fundamental problems facing healthcare, or all the other things that make life in California so expensive. Plus, since when has a tax happened just once?

Proposition 30 was supposed to be a temporary tax increase for Californians who earn more than $250,000 a year in the name of propping up K-12 schools and community colleges. Passed in 2012, it was supposed to expire in 2019. Instead, voters extended it to 2030 — and our public schools are in more dire need than ever.

If Proposition 40 succeeds, you know every advocacy group from Yreka to San Ysidro will propose one-time taxes in the name of rescuing something or other. But relying on new taxes, or strengthening old ones, only shows that people are out of ideas — a dangerous scenario for democracy.

I’m enraged at billionaires. In the past, California’s captains of industry — your Dohenys, Gettys, Huntingtons and so many more — at least pretended to care about the rest of society by funding charities, the arts and other things meant to better the masses. Not this generation. Their avarice, their gleeful supplication before a tyrant like Trump, their obsession with breaking things and not caring about the consequences and their indifference to how the rest of us live have made billionaires a deserved scapegoat, about as popular as a diaper rash.

I’m furious at Proposition 40’s supporters. For a generation, California’s left has treated the rich as a goose that keeps laying golden, taxable eggs, making the state budget too reliant on a sliver of the population. Gov. Gavin Newsom’s budget summary this year estimated that the top 1% of Californians paid about 45% of the state’s personal income taxes from 2002 through 2023. What Proposition 40 supporters don’t get is that you can only smack a goose so much to give more until it bites back, which is what California billionaires are increasingly doing by throwing their cash around to defeat any political candidate exuding a whiff of progressivism.

Mark Zuckerberg and Lauren Sanchez attend the inauguration of President Trump Jan. 20, 2025, in Washington.

(Kenny Holston-Pool / Getty Images)

I’m upset at Proposition 40’s opponents. Backing two other ballot initiatives that would neutralize Proposition 40 doesn’t amount to a convincing argument against it. A point they do argue — that picking on billionaires will alienate them, push them out of California and tank the state’s budget — is at least plausible. But it’s not a winning argument in this era of populism on both the left and right, where voters seem to approve of cutting off your nose to spite the man.

I’m disgusted by Proposition 40’s architect. Service Employees International Union-United Healthcare Workers West President Dave Regan represents everything wrong with the union movement in California. He has made a mockery out of the proposition system by continually trotting out initiatives in the name of bettering the lives of blue-collar Californians. But as my colleague Taryn Luna reported last month, Regan doesn’t even believe in what he sells: He uses the threat of ballot measures to cut deals for his members, and his members alone. Way to use the rest of us as a bargaining chip, Dave.

I’m done with Newsom. He opposes Proposition 40 in the most Newsom-esque way possible. One of his arguments is that it will scare away billionaires from California — there he goes, carrying water for oligarchs again. His other argument is even more ludicrous — that Proposition 40 isn’t enough because there should be a permanent national tax on billionaires via changes to the tax code instead of a one-off. So Californians shouldn’t go after billionaires because you want to do it? Good luck explaining that logic to voters across the country if you run for president in 2028.

I’m mad at California Democratic Party leaders. Its executive board recently endorsed Proposition 40 despite the many loyal soldiers and allies who are opposed, including gubernatorial candidate Xavier Becerra, the California Teachers Assn. and Planned Parenthood. Other unions are expected to oppose Proposition 40 or sit out the campaign, setting up the party’s latest civil war in an election year when state Democrats need the fewest distractions. But that’s the party’s leadership for you — they’ve never met an internal crisis they didn’t make worse.

I’m revolted by the California Republican Party. It entered the second Trump administration with tailwinds behind its sails after a generation of statewide failures, installing a record number of Latino GOP legislators in Sacramento and grabbing enough voters of color to imagine a future in which they once again mattered. Instead, the party’s blind devotion to Trump has left it with the moral authority of a dandruff flake.

California’s Republican congressional delegation unanimously voted for Trump’s Medicaid cuts, even though rural parts of the state, which also happen to be deep red, will be severely affected. State GOP leaders either stayed silent or cheered as Trump volleyed other financial missiles against California, including canceling billions of dollars in clean energy initiatives solely because we’re a blue state. Proposition 40 supporters just need to say that Republicans oppose the ballot measure and Californians will line up to vote “yes” like In-N-Out fans idling to grab a Double-Double.

Not me. I’m angry, for sure: The fight over Proposition 40 will add nothing but rage to this election and a redwood grove’s worth of political mailers. The Medicaid cuts will worsen life for too many people. As odious as Trump and his side have been, Proposition 40 solves too little for too short a time, while potentially making things permanently worse.

Count me as a big, beautiful “no.”

A controversial wealth tax won backing from the California Democratic Party on Sunday, the latest episode in the measure roiling the left and its allies.

The party’s executive board voted Sunday to endorse Proposition 40, which, if approved by voters this November, would impose a 5% one-time tax on billionaires’ assets to pay for healthcare.

The measure has proved divisive. While it has support from progressives including Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Fremont), others including Gov. Gavin Newsom, gubernatorial candidate Xavier Becerra, and a growing list of labor unions have come out against it, arguing the one-time nature of the tax and billionaire flight could cause more harm than good to California’s state budget.

“This endorsement puts to rest the idea that California Democrats are not united by the billionaire tax — they are,” said Dave Regan, President of SEIU-United Healthcare Workers West, the labor union that gathered enough signatures to put Proposition 40 on the ballot.

Regan cited an internal poll which found more than 80% of registered Democrats support the tax, “and now the Democratic Party of California has officially embraced that strong support through this endorsement.”

Public opinion polls have shown the measure with slim majority support. According to a May poll from the Public Policy Institute of California, 54% of likely voters and 76% of Democrats said they would vote for the tax.

Proposition 40 seeks to raise $100 billion over a five-year span to backfill cuts to Medicaid and food assistance programs included in the One Big Beautiful Bill Act signed by President Trump last year. Its supporters argue that the federal tax cuts benefit the wealthy at the expense of low-income people and that Proposition 40 would reverse the damage.

Its opponents, which include the California Teachers Assn. and tech founders spending millions to defeat the measure, argue it could destabilize the state budget — which already taxes wealthy earners at higher rates — by pushing billionaires to leave California for other states.

In a statement, the No on Prop. 40 campaign said Newsom, Becerra, and organizations including the California Professional Firefighters union and Planned Parenthood Affiliates of California oppose the tax “because it’s bad for our budget, bad for our economy, and bad for our future. We need smart, durable solutions to our biggest challenges, not unreliable, untested schemes that shortchange healthcare, education, and public safety.”

Democratic executive board members endorsed the measure Sunday during a meeting in San Diego. The party also voted to oppose two competing ballot measures that seek to undercut the billionaire’s tax, along with a voter ID measure and a proposal to weaken the California Environmental Quality Act for housing and infrastructure projects.

Democrats voted to endorse two housing bonds — a $11.25-billion bond to build affordable housing and a $25-billion down payment assistance program — and an $8.4-billion immunology research bond.

The party is also supporting a measure to make permanent an existing tax on high-income earners which funds education and health care.

“Every endorsement we make is earned, not given,” California Democratic Party chair Rusty Hicks said in a statement. “California Democrats take a deliberative approach to our endorsement process that puts our values first and ensures our members have a meaningful voice in shaping the future of our state.”

SACRAMENTO — One of California’s most powerful labor unions declined to endorse a proposed state billionaires tax, a blow to its backers and a sign of simmering divisions on the left over the controversial ballot measure.

The executive board for Service Employees International Union California voted Wednesday to take a neutral position on the tax, which will appear on the November ballot as Proposition 40. It would impose a one-time, 5% tax on the assets of billionaires who resided in the state as of Jan. 1, 2026.

In a statement, the 750,000-member union noted revenue from the “one-time tax proposal [is] dedicated 90% to healthcare,” echoing concerns from other unions opposed to the measure. Teacher, police and firefighter unions argue the tax would largely benefit the healthcare sector and fear it would destabilize the state budget and, along with it, services such as education and public safety.

SEIU California is a parent organization of SEIU-United Healthcare Workers West, the union that crafted the measure and moved to put it on the ballot before securing broad support from other labor groups.

SEIU-UHW President Dave Regan said he pushed the tax to backfill an estimated $100 billion in cuts to healthcare and food assistance programs that California is expected to shoulder under the One Big Beautiful Bill Act signed by President Trump last year.

“Trump’s ‘Big, Ugly Bill’ slashed funding for healthcare in California to pay for more billionaire tax breaks. Now, millions of Californians are losing their health coverage, and millions more are being forced to pay skyrocketing costs,” SEIU-UHW Press Secretary Renee Saldana wrote in a statement to The Times.

Saldana pointed to an internal poll showing 70% of union members in California would support the billionaire tax, adding: “We’re confident that SEIU members will be joining millions of their fellow Californians and voting YES on Prop. 40 this November to protect healthcare, keep hospitals and clinics open, and stand with California working families.”

In negotiations with Gov. Gavin Newsom last month, Regan offered to pull the tax from the ballot in exchange for concessions for his union, including help securing contracts at several medical facilities around the state, two sources told The Times. Regan denies making the demand, and said the proposal is meant to solve an impending “catastrophe in California’s healthcare system.”

Several unions and Democratic allies, including Planned Parenthood Affiliates of California, argue the one-time tax is the wrong solution for the cuts, which are unlikely to be reversed while Republicans hold power in Washington.

SEIU California said its members are focused on “a multi-year campaign to secure California’s fiscal foundation with ongoing revenue,” including an effort to tax large companies that pay wages low enough that their workers rely on public benefits.

Surrounded by members of the SEIU California executive board, Newsom this month signed a bill punting the “Fair Share” measure to next year, when a new governor will take office.

Some labor unions and elected Democrats worry that, in the long run, the proposed billionaire tax will hurt the state budget — which raises more money from wealthy people taxed at higher rates — by pushing rich Californians to move to other states.

Some already have. Google co-founder Sergey Brin last year moved to the Nevada side of Lake Tahoe to preemptively avoid the tax, and has pumped $82 million into a committee fighting Proposition 40.

Newsom, a likely 2028 presidential contender, has begun arguing for a federal wealth tax that the rich could not escape by moving to a new state.

“You may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do,” he wrote on Substack in June. “The fight belongs at the federal level, where this broken system was created in the first place.”

SEIU California on Wednesday also announced “strong opposition” to Proposition 39, a proposed voter ID measure; and Proposition 43, which would make it harder for local governments to raise taxes.

SACRAMENTO — As the architect of a one-time tax on California billionaires, Dave Regan says he’s pushing the measure to raise $100 billion to protect low-income patients, workers and hospitals from President Trump’s cuts to healthcare.

The behind-the-scenes negotiations with Gov. Gavin Newsom’s office in June to pull the measure off the ballot, however, revealed another possible goal, according to two sources familiar with the talks who requested anonymity to share details of the discussions with The Times.

Regan, the president of SEIU-United Healthcare Workers West, asked for union contracts with two hospitals in San Diego and Fresno and a clinic in Imperial County, among a list of sweeping demands to grow his union, in exchange for rescinding the measure, the sources said.

The union leader denied that he asked for concessions for his union in exchange for removing the billionaire tax from the ballot, calling the allegations “categorically false.”

“We are trying to solve a problem,” Regan said. “The problem is to prevent a catastrophe in California’s healthcare system. We put forward a proposal. Nobody else has offered a solution, and none of what you are referencing happened.”

The talks failed to result in a deal and the measure will appear as Proposition 40 on the November ballot, leaving California voters to decide pivotal tax policy that has roiled the Democratic Party and opponents worry could ultimately reduce revenue for the state budget.

The terms Regan allegedly laid out raise the question of whether he intended for the billionaire tax to go on the ballot, or if it was designed as a leverage play to expand his union, which represents more than 120,000 workers and is among the largest healthcare unions in the nation.

Regan, who has been elected to five consecutive terms as union president since 2011, has a record of launching ballot initiatives at the state and local level to use as leverage for union expansion and to thwart his political opponents.

His foes say that this year he went too far.

“It’s no secret in Sacramento that the ballot initiative has been used this way by UHW as a weapon,” said Francisco Silva, president of the California Primary Care Assn., which represents community clinics. “They’ve been very vocal about it and we think it’s a bigger risk to the safety net than any benefit that it brings.”

Known as a stubborn negotiator and a brash personality, Regan has filed multiple ballot initiatives against the healthcare industry.

His opponents say his strategy centers on launching initiatives that would hurt employers, which forces them to come to the table to negotiate. Regan’s union then requests union contracts or other concessions that could pave the way for a collective bargaining agreement. If employers resist, the initiative advances to the ballot. Voters consistently reject his measures, but companies still spend millions of dollars campaigning against them.

Over the years, Regan has proposed multiple measures that would have limited charges and executive salaries at hospitals and dropped the initiatives after landing temporary deals with the California Hospital Assn. that could help his union’s organizing efforts.

This year, UHW agreed to call off an initiative to again cap compensation for hospital leaders, and the hospital association rescinded its dueling proposal to require the union to seek approval from its members to spend more than $1 million on a statewide ballot measure campaign.

Regan led and lost measures against the dialysis industry in 2018, 2020 and 2022 as he struggled to force dialysis companies to recognize his union and negotiate a contract.

Silva accused Regan of using the same playbook in negotiations around another measure on the November ballot, Proposition 44, which would restrict spending at nonprofit community health clinics.

Regan drafted Proposition 44 to require that community clinics spend 90% of revenue on patient services, which he said ensures that money is aligned with the mission of the health centers. But Silva said the measure dramatically reduces funding for other essential services in the community care model, such as community outreach, education, overhead costs, technology and medical equipment investments, and programs that bring people living on the streets into the healthcare system.

About 70% of the patients community clinics serve are insured through Medi-Cal, and the rest are either on Medicare or uninsured, with a small portion on private insurance, Silva said. The measure would result in layoffs and clinics being forced to close, and ultimately reduce access to care for low-income Californians, he said.

“One of the things that stands out that really highlights the abuse of the ballot initiative process in this instance is that the substance of what’s on the ballot has nothing to do with what he wants to negotiate with us,” Silva said. “The request was to guarantee 25,000 workers, or else.”

Regan also denied that he asked the clinics to support his unionization efforts in exchange for dropping Proposition 44.

“We wanted to construct a relationship with the clinic association that prioritized appropriate funding of the community clinics in California, including restoring the healthcare cuts that were introduced by the ‘One Big [Beautiful] Bill,’” Regan said. “It was a strategic relationship where we’re working in a mutually cooperative way to properly fund the healthcare system to respect workers, and they were not interested in that.”

Regan’s opponents say his strategy runs afoul of the purpose of direct democracy and pushes the bounds of legality.

During negotiations on the billionaire tax, essentially put the onus on Newsom to force unrelated private hospitals and clinics to unionize their employees, the sources said.

Despite a desire to call off the tax measure, Newsom’s office couldn’t provide guarantees to satisfy Regan’s demands, according to those sources.

California legislators changed state law in 2014 to provide more flexibility around initiative negotiations and to allow proponents to pull measures off the ballot after they gather enough signatures and qualify for the election, said Mary-Beth Moylan, an associate professor of law at McGeorge School of Law.

State law also prohibits a proponent of an initiative from bargaining for money or a thing of value in exchange for abandoning their measure, which hasn’t been tested in court, she said.

“I think the intention behind the law allowing the ballot measures to be negotiated off was that the negotiation would be for the Legislature to do the thing that you’re bringing about in the measure,” Moylan said. “It is not to use it as leverage for obtaining something else.”

Regan’s wealth measure retroactively applies a one-time 5% tax on the net worth of billionaires who were residing in California as of Jan. 1, 2026.

He and advocates of his proposal cast it as a solution to the healthcare cuts from the Trump administration. It comes as the progressive message on wealth inequality has gained support in California and beyond.

“What’s remarkable about the situation is that everyone — the governor, the Legislature, the healthcare industry — everyone agrees that the ‘One Big Beautiful’ bill is going to result in 3.5 million people losing healthcare coverage, 150,000 frontline healthcare workers losing their jobs, community clinics and hospitals closing, and all of us who buy or receive our healthcare through job-based insurance are spending more on premiums, deductibles, and copays because the legislation defunded healthcare and in return gave yet another round of huge tax cuts to the wealthiest Americans,” Regan said. “That’s why we have put Proposition 40 forward.”

Newsom contends that Regan’s solution won’t work.

Instead of paying more California taxes, billionaires would simply pick up and move to another state with a lower tax rate before the start of the year, the governor warned. The state budget is dependent on income taxes the rich pay on stock market and similar profits.

A report from the Hoover Institution at Stanford University estimated that the tax would generate only $40 billion, not the $100 billion proponents claim, largely because of an expected exodus of billionaires. Overall, the tax would result in an estimated loss for the state of $24.7 billion, with the permanent decline in future income tax revenue due to billionaire migration eclipsing any gains from the one-time levy, according to the report.

Regan rejected the findings of the report and cast doubt on the amount of taxes that billionaires actually pay in California.

Newsom sought to negotiate with Regan to remove the billionaire tax from the ballot before the beginning of the year. At the time, Regan said he wanted an extra $20 billion for healthcare in 2027-28, which is beyond Newsom’s time in office and not something the outgoing governor could promise, according to two sources familiar with the negotiations.

Regan said he never asked for $20 billion in funding for healthcare to remove the billionaire tax from the ballot. He said he was open to hearing alternative solutions that never came.

“But did we ever make a proposal, or did we ever receive a proposal for something different?” Regan said. “The answer is no.”

In the spring, Newsom began working to form a coalition against the initiative that includes Planned Parenthood, doctors and firefighters while billionaires launched a series of counterproposals.

In an unusual split within labor, major unions such as the California Teachers Assn. and the State Building and Construction Trades Council oppose the measure. Teamsters California and AFSCME California joined Regan. The SEIU California State Council and California Federation of Labor Unions have yet to take positions.

Under California law, proponents had until June 25 to rescind measures that earned enough signatures to qualify for the ballot. Negotiations picked up again to remove the measure from the ballot shortly before the deadline. Two sources said Regan’s demands changed and allegedly had nothing to do with raising money to offset federal healthcare cuts.

Sources said Regan said he wanted union contracts with two private hospitals and a health clinic, an organizing neutrality agreement with healthcare clinics statewide, recognition of his union from dialysis clinics and for billionaires to remove measures they launched in response to his tax.

Newsom’s office said they couldn’t force private companies to do anything. The governor’s aides offered an alternative plan to dedicate around $7 billion over several years to healthcare funding in California, which didn’t move Regan.

“There were no negotiations,” Regan said about the billionaire tax.

Days before the deadline to pull the wealth tax measure from the ballot, UHW announced an offer to reduce the billionaire tax from 5% to 2% of net worth that the union said Newsom rejected. Sources said the compromise was first offered in a press release and did not reflect any serious negotiation.

Regan set a goal to add 25,000 new members by this year and has so far added around 8,000, according to the union’s website.

In exchange for removing the billionaire tax from the ballot, sources said one of Regan’s demands was for Newsom’s office to get involved with battles for union contracts at hospitals in Fresno and San Diego and a clinic in the Imperial Valley.

The union is tied up in labor disputes over recent attempts to unionize facilities in two of those places — Rady Children’s Hospital in San Diego and Innercare, a community clinic in El Centro.

The dialysis industry became a ballot target for Regan three election cycles in a row as he attempted to unionize its workers.

The battle is on pause after dialysis companies agreed to not oppose a $25 minimum wage increase for healthcare workers and UHW agreed to not target the industry in legislation or ballot measures through the end of this year, but the fight turned DaVita and Fresenius Medical Care into major political donors in state campaigns.

California’s billionaire class is also increasing its presence in state politics.

Billionaires pushed two measures on the November ballot that seek to neutralize the billionaire tax and block new taxes on personal property and assets and require audits of new programs funded with special taxes.

The billionaire tax has also become a national rallying cry for the political left, drawing the high-profile support of U.S. Sen. Bernie Sanders (I-Vt.) and others who are fed up with wealth inequality. Opponents of Proposition 40 have questioned whether any of the solutions Regan proposed would have been enough for him to remove the measure from the ballot and avoid the wrath of progressives who backed the tax.

Sacramento political observers say the unintended consequences of Regan’s tax measure are already reshaping California politics.

“When he did the billionaire tax, all these people who never engaged in politics finally woke up,” said Jim DeBoo, a Democratic consultant and former chief of staff to Newsom. “And they aren’t going away.”

The measure is causing a rift within the SEIU California State Council, an umbrella organization that represents more than 700,000 workers from all SEIU unions including UHW.

The billionaire tax only benefits healthcare. SEIU, which also represents workers in the public sector, nursing homes, child care and other service industries, has become a target of California’s wealthiest new political players despite most of its union members gaining nothing from the measure.

Billionaires and their companies, including Ripple co-founder Chris Larsen, venture capitalist Tim Draper, Google and Meta have spent nearly $30 million on a successful campaign to oppose SEIU-backed progressive candidates or boost moderate Democrats in legislative races. The same donors spent only $50,000 on independent expenditures in legislative races in the entire 2024 election cycle.

Shaudi Fulp, a political strategist working with Larsen and Draper, said a new governor and lawmakers present an opportunity to build fresh governing coalitions around issues that matter most to Californians.

“California is entering a unique moment of transition,” Fulp said.

The billionaires’ strategy is whittling away at SEIU’s influence in the state Legislature, where the state council has historically used its endorsements and army of volunteers to boost progressive candidates aligned with their cause. Moderates backed by billionaires beat nearly every SEIU-endorsed candidate in more than a dozen races in the June primary, with record spending knocking union candidates out of the top two in places such as Bakersfield and Orange County.

The SEIU California State Council declined to comment for this story.

The battle over the billionaire tax is also expected to become the most expensive ballot measure campaign of the election cycle, if not ever. The opposition is poised to exponentially outspend UHW.

“Look, the only thing that stands down a bully is when you punch him in the face,” said Brandon Castillo, a political consultant who has represented healthcare providers against UHW on more than a dozen initiatives. “You can’t sit back and continue to take punches or nothing will change.”

Staff writer Nicole Nixon contributed to this report.

SACRAMENTO — For all the media attention California’s proposed billionaire tax has generated nationally — with some blasting it as a foolish Left Coast assault on American enterprise — the November ballot item has actually triggered a rift among progressive labor unions and Democrats, groups critical to the measure’s success.

Championed by California’s largest health workers union, Proposition 40 would levy a one-time, 5% tax on California’s roughly 200 billionaires. The measure aims to backfill Medicaid cuts signed into law last year by President Donald Trump, and would raise an estimated $100 billion.

Dave Regan, the measure’s architect and president of Service Employees International Union-United Healthcare Workers West, said the tax was intended to prevent “the imminent collapse of California’s health care system because of the Trump cuts in the ‘One Big Beautiful Bill.’”

Regan, who has become well-known for using ballot measures as leverage in negotiations with state lawmakers and the healthcare industry, seemed poised to channel public anxiety over economic affordability, access to medical care and anti-Trump sentiment when the initiative was announced last fall.

Today however, the initiative not only faces heavy and well-funded opposition from those it aims to tax, but also divided support among groups who traditionally favor taxes on the wealthy — labor unions. Both the powerful California Teachers Association and the State Building and Construction Trades Council of California have come out against Prop. 40, while Teamsters California and AFSCME California support it. Others unions have yet to weigh in, including the California Federation of Labor Unions and SEIU California, a parent organization for Regan’s healthcare worker union.

Establishment Democrats are also divided. Gov. Gavin Newsom aggressively opposed the measure and sought to negotiate with Regan to remove it from the ballot beginning last year. Days before a state deadline to withdraw ballot measures in late June, Regan publicly offered to trim the wealth tax to 2% over two years, an offer Newsom quickly rejected.

To some close observers, the offer signaled that Regan may have been looking for a way out of an expensive ballot fight.

“I found it unusual that he did that because he’s usually not that kind of negotiating type — he’s no nonsense,” said Democratic political consultant Steven Maviglio. “I don’t know if he felt it was a hot potato or what.”

Regan’s union spent $31 million to gather 1.6 million voter signatures to put the tax on the ballot.

“At the outset, this may have looked like the replay of a strategy he’s employed successfully many times in the past, but he ended up painting himself into a corner, and so now he’s stuck with an initiative that he knows he probably can’t pass,” said Dan Schnur, a politics and communications professor at Pepperdine, USC and UC Berkeley.

A March poll by UC Berkeley’s Institute of Governmental Studies showed 52% of registered voters support the billionaire tax while 33% opposed it and 15% were undecided. However, campaign experts say its position remains precarious, due in part to the deep pockets of its opponents.

Several billionaires, including Google co-founder Sergey Brin, have so far pumped a combined $118 million into a campaign committee that gathered enough signatures to place two other measures on the ballot aimed at undercutting the billionaire tax.

Groups that might otherwise support more revenue for healthcare have also come out against Prop. 40, including Planned Parenthood Affiliates of California and the California Medical Assn.

“The dangerous wealth tax directly threatens vital funding for education and schools, healthcare and clinics, public safety, and infrastructure projects by making California’s revenue even more volatile,” leaders of the California Medical Association, California Primary Care Association and California School Boards Association wrote in a joint statement.

Regan and fellow supporters insist that, without approval of the tax measure, Trump’s “Big Beautiful Bill” will gut the state’s healthcare resources.

“This will take between $20 and $25 billion annually out of our healthcare system, meaning three and a half million people are going to lose insurance, 150,000 health care workers will be laid off and over 20 million consumers are already paying more in premiums, deductibles and copays,” he said.

While prominent progressives such as Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Fremont) have voiced support for the measure, some progressive opponents say its near exclusive focus on healthcare is a problem. (Only a small portion of tax revenues would go toward education and food security.)

The CTA said after reviewing the measure, its council of delegates “determined that this policy will not provide the sustainable and long-lasting funding that our schools and communities deserve.” Leaders of the state’s largest teachers union plan to focus their efforts on passing Proposition 3, which would make permanent an existing tax on certain high earners to fund schools and community colleges.

Labor unions have typically aligned in support of tax-raising ballot measures, including earlier temporary versions of this year’s Prop. 3 and an unsuccessful 2020 proposal to revamp commercial property taxes.

But the billionaire tax “doesn’t benefit everybody. It benefits workers in the healthcare sector primarily, and I think that’s why not everybody’s on board. It’s not a ‘rising tide lifts all boats’ kind of proposal,” Maviglio said.

In the 15 years he has led SEIU-UHW, Regan has become known for using expensive ballot measures — or the threat of them — to bring lawmakers and industry opponents to the negotiating table.

In a landmark 2023 deal, Regan secured a statewide $25 wage floor for healthcare workers after qualifying initiatives to raise industry wages in Los Angeles and other cities. The deal included a 10-year moratorium on minimum wage propositions. He also pushed ballot measure regulations on kidney dialysis clinics for three subsequent election cycles. Though none of them passed, the dialysis industry spent hundreds of millions between 2018 and 2022 to defeat them.

“Everybody knows that he is wielding ballot measures as a weapon to leverage his unionization or political demands. It’s not a secret. He’s admitted it,” said Brandon Castillo, a ballot measure strategist who often finds himself opposite Regan in ballot fights including the dialysis clinic propositions.

The measure retroactively applies a tax on billionaires who were residing in California as of Jan. 1. Newsom and other opponents say the initiative would drive the ultra-wealthy out of the state and their departure would blow a hole in the state budget.

California’s budget is dependent on income taxes the rich pay on stock market profits. The Legislative Analyst’s Office said the measure would “likely” result in an “ongoing decrease in state income tax revenues of hundreds of millions of dollars or more per year.”

“You may not be able to pick up and move to Texas or Florida to shelter your income from taxation, but I promise you that billionaires can, and do,” Newsom wrote in a post on Substack in late June. “Wealth is movable, and it shops for the state with the lowest taxes.”

After the talks ultimately failed to result in a deal, Newsom endorsed the idea of a national wealth tax instead.

“It’s easy to see how they may have believed that Newsom’s strongest incentive was simply to stay out,” Schnur said. “There’s a huge potential downside for a Democratic governor [to weigh in] on either side of this initiative. If you oppose it, you’re alienating your base. If you support it, you’re putting your state in dire fiscal peril.”

Focusing on raising taxes at the federal level allows the governor to support a popular idea nationally, which he can campaign on if he runs for president. His opposition to the measure in California could still leave him vulnerable to criticism from progressives in a national Democratic primary.

Times staff writer Taryn Luna contributed to this report.

Proponents of a tax on California billionaires vowed on Thursday to move forward with their November ballot measure despite mounting opposition from many of the state’s most powerful political forces.

A labor union spent $31 million gathering signatures to qualify the measure for the ballot in an effort to offset federal healthcare funding cuts that will affect millions of California’s most vulnerable residents. A representative for the campaign supporting the ballot measure pushed back at opposition to the effort as self-entitled wealthy Californians and entrenched Sacramento interests.

“While a few morally bankrupt billionaires and their buddies in Sacramento want to see California’s hospitals close, and tax breaks for billionaires protected — I assure you, the vast majority of voters do not,” said Debru Carthan, a spokesperson for the Billionaire Tax Now Coalition, which is funded by the Service Employees International Union-United Healthcare Workers West, the sponsor of the proposal.

The California secretary of state is expected to officially certify the measure for the Nov. 3 ballot on Thursday evening.

Carthan said their effort has support in public opinion polls, and from lawmakers, unions, community organizations and volunteers across the state, “something the billionaires and their buddies will never have.”

However, a coalition of healthcare, education, public safety, housing, business and labor leaders opposed to the proposal warned that it would make the state’s notoriously unstable budget even more unpredictable.

“The dangerous wealth tax directly threatens vital funding for education and schools, healthcare and clinics, public safety, and infrastructure projects by making California’s revenue even more volatile,” the leaders of the California Medical Assn., the California Primary Care Assn. and the California School Boards Assn. said in a statement. “That’s why so many leaders – both Democrats and Republicans – are joining us and saying NO. We look forward to ensuring voters have the facts, know the stakes, and resoundingly reject this reckless experiment in November.”

Supporters of the one-time proposed 5% tax on the assets of the state’s wealthiest residents pitched the effort as a stop-gap measure to offset devastating federal healthcare funding cuts passed by the GOP-led Congress and signed by President Trump nearly one year ago. The federal legislation is expected to result in $100 billion in cuts that would affect California’s most vulnerable residents.

The proposed tax, which would be retroactive to billionaires who lived in the state as of Jan. 1, drew predictable opposition from the wealthy, notably Silicon Valley tech leaders.

But it notably divided liberals. While Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Fremont) supported the proposal, Gov. Gavin Newsom was among the Democrats who opposed it because of fears about the potential impact on the state’s volatile budget.

Despite being the fourth largest economy in the world — the home of Hollywood and Silicon Valley — California’s budget is extremely dependent on the state’s most prosperous residents.

Newsom and others who generally support increasing taxes on the wealthiest Americans also argued that the proposed billionaire tax in California was poorly crafted and that any such levies ought to be enacted nationally, because varying state policies would be ineffective.

Opponents also argued that the political priority in the 2026 midterm election should be squarely focused on efforts to make sure Democrats regain control of Congress to serve as a counter balance during the final two years of Trump’s presidency.

“It’s disappointing. This is a critical election where we need to concentrate on flipping the house and undoing the damage that was done” by Trump’s legislation that led to the healthcare funding cuts, said Jodi Hicks, chief executive and president of Planned Parenthood Affiliates of California. The wealth tax “is short term and doesn’t address what is the long-term problem. And I’m not even sure the policy is a viable solution. It’s so critical to be sending the right message — holding Congress accountable and how we need to find long-term solutions to make sure Californians have access to healthcare.”

Rob Lapsley, co-chair of Californians Against Tax Increases and president of the California Business Roundtable, argued that the proposed wealth tax would ultimately affect every Californian.

“Strip away the spin, and this measure forces every California taxpayer, not just billionaires, to file a sworn declaration of their net worth with the Franchise Tax Board under penalty of perjury,” Lapsley said in a statement. “And it hands the Legislature the power to extend the wealth tax to all Californians and every kind of property, including home equity, retirement savings without ever returning to the voters – effectively gutting” voter-approved caps on property tax increases.

Supporters of the tax submitted nearly 1.6 million signatures in April to qualify the proposal for the ballot, roughly double the number required. However, support for the effort has grown increasingly shaky. Newsom’s team created a broad coalition of opponents, including healthcare and education activists, that undercut the foundational argument for the tax.

The union that crafted the proposal responded last week by proposing a legislative alternative that would create a 2% tax on billionaire’s assets. It was flatly refused by the Newsom administration. No deal was reached by the Thursday evening deadline for the union to withdraw the proposal from the November ballot.

Two efforts that were crafted to sink the proposed billionaire tax — dubbed as poison pills — also qualified for the Nov. 3 ballot, according to the California Secretary of State’s office. One would bar new state taxes on personal property, while the other prohibits any new taxes being exempted from existing state spending rules and to be regularly audited. If the billionaire tax proposal is approved by voters but either of the other proposals receives more votes, the tax measure would be voided.

The proposed billionaire tax would apply to more than 200 Californians, some of whom proactively left the state or moved their companies out of California because of the proposal.

The prospect of the wealthy fleeing the state is among the reasons that prominent Democrats such as Newsom opposed it, given California’s budget being so reliant on the state’s most prosperous residents.

Sergey Brin, a co-founder of Google, is among the billionaires who have reportedly moved out of California because of the tax proposal. He donated at least $82 million to an organization that is funding efforts to invalidate the proposed billionaire tax.

Ballot measure proponents had a Thursday evening deadline to withdraw their proposals.

Other policy proposals that will appear on the Nov. 3 ballot include:

• Requiring government-issued voter identification to cast ballots in elections.
• Reforming the California Environmental Quality Act, once a third-rail in Democratic politics that has become increasingly scrutinized in the rebuilding in the aftermath of the Palisades and Eaton wildfire.
• Creating a $11.3-billion affordable housing bond.

Two notable proposals were pulled off the ballot after negotiations between the California Hospital Assn. and labor unions:

• An effort to limit healthcare executives’ compensation.
• A union proposal by the same union backing the billionaire tax that would have required many healthcare clinics to spend 90% of their revenue to serve low-income and underserved residents.

A controversial proposal to tax California billionaires to fund healthcare has tenatively qualified for the November ballot, setting the stage for a more intense and expensive battle over whether the state should squeeze the ultra-rich.

Supporters say the proposed tax is crucial to compensate for federal healthcare funding cuts, approved by President Trump and the Republican-controlled Congress, that will harm millions of the state’s most vulnerable residents.

In April, supporters of the billionaire tax submitted nearly 1.6 million signatures, roughly double the number needed to qualify. The California secretary of state’s office on Wednesday declared that enough valid signatures were submitted. The initiative will officially qualify for the Nov. 3 ballot on June 25 unless the proponents withdraw it beforehand.

The initiative would impose a one-time tax of up to 5% on taxpayers and trusts with assets valued at more than $1 billion, with some exceptions, such as property. The levy could be paid over five years. Ninety percent of the revenue would fund healthcare programs, and the remaining funds would be spent on food assistance and education programs. The proposal would cost the state’s richest residents about $100 billion if a majority of voters support it.

Opponents of the measure say the proposal is an ineffective attempt to address the long-term effects of the healthcare cuts and would destroy California’s economy and budget.

The state budget in California is already largely dependent on income taxes paid by its highest earners. Because of that, revenues are prone to volatility, hinging on capital gains from investments, bonuses to executives and windfalls from new stock offerings, and are notoriously difficult for the state to predict.

The proposal already triggered a fierce debate, accentuating the divide between the rich and poor in a state that’s expensive to live in.

The Service Employees International Union-United Healthcare Workers West and other supporters of the billionaire tax say that it would raise $100 billion, offsetting federal funding cuts to healthcare as well as funding education and state food assistance.

But supporters face strong opposition from billionaires with deep pockets. Tech executives and other business leaders oppose the idea and have threatened to move to other states. Opponents say taxing billionaires would harm California’s economy while not addressing underlying financial issues.

The proposal also has divided politicians within the Democratic Party. California Gov. Gavin Newsom spoke out against the billionaire tax, expressing fears that billionaires would move out of the state. But U.S. lawmakers such as California Rep. Ro Khanna and Vermont Sen. Bernie Sanders have backed a billionaire tax, saying the rich should pay their fair share to fund essential services.

Business executives have already poured millions of dollars into groups that oppose the billionaire tax or are promoting alternative solutions to wealth inequality.

Tech executives, venture capitalists and business leaders have donated roughly $118 million to a nonprofit called Building a Better California, according to data on the secretary of state’s website. Most of the funding comes from Google co-founder Sergey Brin, who has given more than $82 million to the group. Executives from DoorDash, Ripple, Stripe and other companies also have contributed.

The group says it supports policies such as expanding access to affordable housing, protecting innovation, requiring government transparency and securing more stable education funding.

PayPal and Palantir co-founder Peter Thiel has contributed $3 million to the California Business Roundtable, which opposes the tax. Former Google Chief Executive Eric Schmidt donated $1 million to that group as well.

California would probably collect tens of billions of dollars from the wealth tax if it passed, but it could also lose other tax revenue, a December letter from the state legislative analyst’s office said. The office also mentioned that it’s tough to predict the exact amount the state would collect because of factors that can affect a billionaire’s wealth such as fluctuating stock prices.

California billionaires who were residents of the state as of Jan. 1 would be affected by the ballot measure if it passes. Some wealthy residents announced plans to moves out of state. On Dec. 31, venture capitalist David Sacks announced that he was opening an office in Austin, Texas, the same day Thiel publicized his firm had opened a new office in Miami.

As soon as enough votes were counted to officially knock Tom Steyer out of the California governor’s race, the anti-billionaire schadenfreude kicked in.

Social media and legacy media, conservative and liberal, all seemed to have a rare melding of the minds, delivering endless variations of, “How dare he try to buy elected office! We showed him.”

“I hope you received the message from California that a power-hungry communist billionaire cannot buy the state!” wrote one detractor on social media. “How much money did you waste spamming Californians? Do you know how many hundreds of millions of dollars you wasted?”

“What a waste,” screamed a New York Times headline, slamming Steyer for not donating that money directly to building houses or funding Planned Parenthood — one-off actions that prop up broken systems instead of changing them.

I get it.

In an age when income inequality is reaching serf-lord levels, hating the rich seems easy and reasonable. You could take several zeros off the $200 million Steyer spent on his campaign and it would still be more than most of us make in a lifetime. That’s a rage-inducing reality for many, if not most of us, for whom pairing a full tank of gas with a restaurant dinner seems like careless luxury these days.

I’m not here to defend the nine-zeroes class. But maybe we should take a beat and make sure our outrage is working for us, not against us. While Steyer has spent the last few months advocating for universal healthcare, better pay and protections for workers, and putting curbs on out-of-control corporations from the energy sector to AI, other billionaires have spent that time actively undermining democracy and our financial system. Heck, some even seem to be undermining humanity. Why aren’t we raging at them?

Take, for example, a certain billionaire who seemingly would prefer to be a trillionaire: Elon Musk.

Last week, his SpaceX held an IPO in which somehow the rules of Wall Street meant to protect small investors and pension plans were set aside to his benefit. Like it or not, if you hold a public pension or a 401(k) in America that uses index funds (which most do) you will likely be an investor in his unproven and possibly risky business. I’m sure that will work out fine.

Or consider the hundreds of millions of dollars right-wing AI and surveillance-company billionaires, some Californians, are dumping into political races across the country right now to ensure that their dangerous and unpredictable technologies are not regulated, or regulated in largely meaningless ways. It’s a situation so dire that one wealthy insider last week warned in his own op-ed that if his former colleagues are successful, “It could concentrate economic power in ways that would make the Gilded Age look quaint.”

Then there’s our president, king of self-enrichment, whose wealth has skyrocketed to more than $6 billion during his time in office. Much of that moola is in opaque cryptocurrency holdings, an industry he has championed as his fortunes in it have increased.

But don’t think Trump is in it only for himself: He’s enriching his family, too.

His daughter Ivanka recently made her own “eat cake” headlines over an alleged $1.5-billion project that would convert an uninhabited Albanian island into a luxury resort. The Albanians are so mad, they’ve been protesting in the streets for nearly two weeks. Meanwhile, her brothers have coat-tailed off their dad’s crypto-ventures to make their own fortunes, as other investors suffered losses.

Those are our individual billionaires, never mind the corporations, who can dump as much money as they want into our politics thanks to the Supreme Court’s 2010 Citizen’s United decision. In 2025, the oil and gas industry in California, led by Chevron and the Western States Petroleum Assn., spent about $34 million on lobbying. Not to be outdone, the Golden State’s water and electricity interests, including PG&E, spent about $35 million to bend politics to their will.

But sure, hate the goofy guy in the vintage Nikes pointing all this out.

“I’m proud of the enemies we made,” Steyer said in his concession. “In this race, those corporations revealed that they see a government that puts working people first as an existential threat — even when proposed by a billionaire. By spending $55 million — the most ever against a single candidate in a California primary — they showed the lengths they would go to in order to protect a status quo that only serves them and their profits.”

I don’t like the amount of money in our political system either, but the truth is, it’s there. And worse, the majority of those who have it seem intent on diminishing the political and economic power of those who don’t.

We are increasingly moving toward a country where the well-being of the majority of people will depend on the largesse of the few — Silicon Valley’s tech industry now talks about a universal basic income as a great boon for the coming mass unemployment they are creating.

But is existence off a charity-pittance really what we want for ourselves and our children? Do we really want these ultra-wealthy overlords to use their money unchecked to make decisions that will shape our future, diminish our rights and ultimately leave us without the power to fight back?

If Steyer wants to use his money to join this battle to keep power by the people and for the people, then the enemy of my enemy is my friend.

Like it or not, us average worker bees need money to fight money. In this age when animus eats discernment like the rich eat caviar, the luxury we really can’t afford is hating the good guys just because it’s easy — even if they’re billionaires.

Californians couldn’t escape billionaire Tom Steyer’s political ads — during newscasts, sitcoms, or sporting events; on streaming services, YouTube, influencers’ social media feeds, or their mailboxes. Even the Puppy Bowl.

Yet despite spending a record-shattering $216 million of his wealth on his run for governor, the Democrat failed to win enough votes in last week’s primary to advance to the November general election to replace termed-out Gov. Gavin Newsom.

“Money isn’t everything, even though it obviously helps,” said Andrea Godfrey Flynn, a marketing professor at the University of San Diego. “It boosted Steyer way up. … But there are so many other factors at play that it may not have been enough.”

Steyer, a hedge fund co-founder turned environmental warrior, polled at 1% shortly before he entered the governor’s race in November, according to a survey by UC Berkeley’s Institute of Governmental Studies that was co-sponsored by the Los Angeles Times.

He climbed in subsequent polls, hitting 19% in the same poll shortly before the June 2 primary, putting Steyer in contention for winning one of the top two spots in the contest that would allow him to advance to the November election. But then he hit a ceiling, and on Tuesday, it became official that he failed to advance.

Steyer emailed supporters Tuesday expressing gratitude for their efforts backing his campaign, endorsements and votes.

“Together, we fought for a California that belongs to the people who keep it running every day, and we insisted that they do not have to settle for a system that protects corporate profits at the expense of working people,” he wrote. “I’m proud of how we never compromised our values or lowered our sights for what California can and should be.”

He pointed with pride at major corporations such as Chevron and Meta spending heavily to oppose his bid, and said their tens of millions of dollars spent attacking him shows the flaws in the electoral system. And he acknowledged that may be part of the reason some voters were skeptical of voting for a billionaire.

“I’m proud of the enemies we made,” Steyer said. “This campaign proved that business-as-usual depends on politics-as-usual, and there is no going back. We must continue to fight for a system where democracy serves Californians, not corporations — and where you do not have to be a billionaire to run on single-payer, or on breaking up monopolies, or on calling out a corrupt system when you see it. Because people are fed up with a system rigged to benefit billionaires and leave them behind.”

As of Tuesday evening, Steyer had received more than 1.9 million votes of the more than 9 million cast, lagging behind the two candidates who will appear on the November ballot: Republican Steve Hilton, a former Fox News commentator, and Democrat Xavier Becerra, a longtime elected official who most recently served in President Biden’s cabinet. Steyer was trailing Hilton, the second-place finisher, by just over 200,000 votes.

Steyer immediately endorsed Becerra, whom he had relentlessly attacked in the closing weeks of the campaign as beholden to corporations with business in front of the governor.

California has a history of unsuccessful self-funders. Former Northwest Airlines co-chairman Al Checchi spent more than $40 million of his money on an unsuccessful gubernatorial primary campaign in 1998, which broke records at the time.

More than a decade later, former EBay chief Meg Whitman spent $144 million of her wealth on her bid to become California’s governor, setting a new national record for spending on a state election. She won the GOP nomination but lost in the general election.

This year’s gubernatorial contest is not the first time Steyer has spent an inordinate sum seeking office. In 2020, he spent $342 million on a brief, unsuccessful presidential campaign.

Sheri Sadler, a veteran Los Angeles-based Democratic media buyer, said Steyer’s 2026 gubernatorial deluge was notable.

“I literally saw his spots ad nauseam,” she said. “They left almost no stone unturned.”

Sadler worked for Steyer in the final weeks of his presidential bid and scheduled $50 million of billionaire Rick Caruso’s money on ads during his unsuccessful 2022 Los Angeles mayoral campaign.

She believes that Steyer hit a ceiling because voters who are bombarded by ads eventually feel that the candidate is trying to purchase their affection.

“It’s one thing to give me a message I can resonate with. If they’re just trying to buy my vote, that feels different to me,” she said, adding that Steyer’s wealth undermined his platform, which included support for raising taxes on billionaires. “That’s my gut. And I feel like that’s what happened to us on Caruso and possibly why he didn’t run” for governor this year.

Steyer, 68, made his fortune founding a hedge fund that included investments in fossil fuels, private prisons and other businesses that are controversial among Democrats. He told voters that he walked away from the firm 14 years ago, leaving an enormous amount of money on the table, because it did not align with his morals. Steyer adds that he and his wife have pledged to give away most of their wealth before they die.

And unlike many wealthy self-funders, Steyer did not leap into a campaign as a political neophyte who assumed their business skills would translate into being an effective elected official.

Steyer and his wife, Kat Taylor, are longtime donors to Democratic candidates, but for well over a decade, they have spent hundreds of millions of dollars on liberal causes such as fighting climate change, mobilizing young voters, urging the impeachment of President Trump, opposing an effort by oil companies to suspend California environmental standards, increasing the state cigarette tax and supporting last year’s redrawing of the state’s congressional districts to counter Trump.

Darry Sragow, a veteran Democratic strategist who advised Checchi, said that Steyer’s focus on such causes had the potential to be meaningful to voters who are often skeptical about the sincerity and motives of rich candidates.

“Tom Steyer has done a good job in that respect, because if you’re going to overcome that skepticism, it’s very helpful for the candidate to show that he or she has actually been involved in the world of public policy and politics for an extended period,” and Steyer has, Sragow said.

Assemblyman Isaac G. Bryan (D-Los Angeles), who endorsed Steyer, argued that he promoted proposals that were against his personal interests, such as the proposed billionaire’s tax that is expected to appear on the November ballot.

“Interestingly enough, Tom Steyer is also the only candidate who’s talked about campaign finance reform and wanting to get money out of politics, including his money, to return power to the people and have publicly financed elections,” Bryan said after a Steyer rally near downtown L.A. on May 31.

Former Orange County Rep. Katie Porter and state Supt. of Public Instruction Tony Thurmond also campaigned on limiting the influence of corporate PAC money in elections, or implementing publicly financed elections in California. Porter often criticized Steyer for running as a “change agent” while spending millions he earned from investments in oil and gas.

“You paid the lowest tax rate on this stage and yet you made the billions that you’re using to fund your campaign off fossil fuels,” she said to Steyer during an April 28 debate in Claremont.

Political experts argue that messages that seem contradictory to a candidate’s background, as well as drowning voters with incessant ads, can be jarring and off-putting to the electorate.

“It can be an overload to voters where they hit that tipping point where they’re no longer interested,” Flynn said.

Despite Steyer’s foundational argument that his wealth meant he was not beholden to anyone, she said voters may be unable to reconcile a billionaire’s ability to understand or empathize about an average Californian’s needs.

“The messaging still is a giant factor,” Flynn said. “I’m curious [about] how believable it came across to voters — can you trust a billionaire to really care about affordability, someone who made money working with business or in business not to care about special interests?”

While Steyer campaigned as a hard-left liberal, he failed to be the top pick for progressives. Steyer had the support of 35% of likely voters who identified as strongly liberal while Becerra was backed by 37%, according to Berkeley’s May poll.

After talking to college Democrats at UCLA on the eve of the primary, Steyer said regardless of what happens in the primary, he will remain politically involved, though he would not run for president in 2028.

“I’m going to keep working on these issues, because I’ve been working full-time on these issues for 14 years,” Steyer said. “There’s no question what I’m going to do. How I do it is a little bit up in the air.”

Times staff writer Dakota Smith contributed to this report.

May 19 (UPI) — The U.S. Department of Justice announced it will drop criminal fraud charges against billionaire Indian businessman Gautam Adani.

The Justice Department submitted a motion Monday asking a federal judge to drop the indictment from 2024 brought by the U.S. Attorney’s Office in Brooklyn, N.Y. The request said the department “reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” NBC News reported the court filing said.

Principal Associate Deputy Attorney General Trent McCotter and Brooklyn U.S. Attorney Joseph Nocella signed the filing. Prosecutors assigned to the case were not included.

Separately, the President Donald Trump administration announced it had reached a $275 million settlement with a company founded by Adani over “egregious” apparent violations of U.S. sanctions against Iran, Politico reported.

According to the U.S. Office of Foreign Assets Control, Adani Enterprises Limited bought $191 million worth of shipments of liquefied petroleum gas from a Dubai-based trader. OFAC alleged the company overlooked indications that the gas originated from Iran, Politico said.

Adani is the founder and chair of the Adani Group, a conglomerate based in Ahmedabad, India. Brooklyn prosecutors charged him and others in a fraud and bribery scheme in November 2024, while President Joe Biden was in office.

Adani’s lawyers from Sullivan & Cromwell included two of Trump’s personal attorneys: Robert Giuffra Jr. and James McDonald, Politico reported.

Adani’s worth is estimated at more than $100 billion. He is one of the richest people in Asia, and is an ally of Indian Prime Minister Narendra Modi.

Prosecutors alleged that Adani and his co-defendants paid $250 million in bribes to Indian government officials. The bribes were to help Adani Green Energy, a subsidiary, win approval to create India’s largest solar power plant. It was projected to bring $2 billion in profits over 20 years.

They also alleged the defendants defrauded American and international investors by gaining funds “on the basis of false and misleading statements.”

Adani Group denied the allegations and called them “baseless.”

When a friend asked if Tom Steyer could stop by my wife Delilah’s downtown Santa Ana restaurant, I had to explain to her who he was.

It’s not political apathy in my honey’s case. She’s just exhausted from running her small business, Alta Baja Market, in these inflationary times. She’s one of the 16% of undecided voters in a recent California Democratic Party poll — a group that may determine which two candidates for governor face each other in the general election.

Delilah agreed that Steyer could visit on Saturday after I told her that many of our friends support the billionaire’s progressive platform.

“Politics is your job, not mine,” she joked as we drove to Alta Baja and I named the other major candidates. The only ones she had heard of were Antonio Villaraigosa (“I liked him as mayor, but he needed to keep his pants on,” referring to his extramarital affairs) and Katie Porter (“Some of my workers like her, but I don’t know what she’s done”). She might be the last person left in the Golden State who hasn’t seen any of Steyer’s television and YouTube ads.

His campaign seems to have stalled in the polls even as he has spent more than $150 million of his own money amid doubts from some voters about whether they want a billionaire to lead the state.

So a visit to Santa Ana, the heart of Latino Orange County, was a good move. At Alta Baja, he could talk to my Mexican American wife and other blue-collar Latinos.

When rival Xavier Becerra came to O.C. a few weeks ago, on the other hand, he appeared at a private fundraiser attended mostly by professional Latinos.

“I just want someone who tells us where our taxes are going and treats this country like a business, and we’re not wasting money,” Delilah said. She’s a socially liberal and fiscally conservative Democrat who has been especially angered by President Trump’s deportation deluge, which left the streets of downtown Santa Ana empty for months last summer. “Because right now, our government is a hot-ass mess.”

I asked what questions she had for Steyer.

“So insurance had to cover all the disasters that happened with the fires,” Delilah replied. “So why is everybody else having to pay for it? And what are you really gonna do to help the state?”

She paused. “Tom is a Democrat, right?”

Delilah prepared for Steyer’s noontime stop as if it were any other day. She has fed the likes of U.S. Sen. Alex Padilla, Orange County Dist. Atty. Todd Spitzer and former Speaker of the Assembly Anthony Rendon. Republican gubernatorial candidate Steve Hilton is a fan of Alta Baja’s blue cornbread; Oakland Mayor Barbara Lee held a meet-and-greet there when she ran for president two years ago.

“You know who should ask questions?” Delilah said after she set the till for the day. “Angela.”

That would be 19-year-old Alta Baja employee Angela Nino, who will be voting in her first election.

“She’ll always be telling me, ‘Did you see the debate? Did you see the debate?’ And I always say, ‘No, I’m too tired to watch.’”

Nino soon clocked in.

“Guess who’s coming, Angela?” Delilah said before looking at me. “Is his name Tim or Tom?”

“It’s like I agree with some of his things, but he’s a billionaire,” said the Orange Coast College student and Santa Ana resident when I asked about Steyer. “His answers at debates have been pretty broad so far.”

Delilah smiled.

“You’re the future, girl, so ask him anything.”

Almost everyone who came in as we waited for Steyer was a campaign worker or volunteer. Former state Controller Betty Yee, who ended her campaign for governor last month and endorsed Steyer, sat at a table with her husband. Orange County Supervisor Vicente Sarmiento, who initiated Steyer’s Santa Ana visit, thanked Delilah for the opportunity. He has known her since the start of his political career on the Santa Ana City Council nearly 20 years ago,

“This is a city where our residents were criminalized because of ICE, our downtown suffered because of construction, and all this on the heels of a pandemic,” he told me. “These are the folks Tom needs to listen to.”

Sarmiento’s staffer got his attention. Steyer was here.

The candidate strolled in with a videographer and photographer. He wore his usual casual billionaire outfit — white-and-cardinal Nikes, jeans, checkered shirt with rolled-up sleeves and a colorful Southwestern-style fabric belt.

Steyer went straight to the counter.

“Are you running for governor?” he cracked while shaking Delilah’s hand.

“I don’t want to,” she replied.

“I knew you were a smart woman!”

He listened with wide eyes and a stern face as Delilah complained about a years-long light-rail project in front of Alta Baja “that has been worse for businesses here than COVID.” Insurance rates have gone up 30% in the last year alone, she said.

“Well, look, that’s my whole thing,” Steyer responded in his low, gravelly voice. “I’m willing to take on the big corporations who are ripping off California. And they’re all spending a lot of money against me.”

It was the Steyer I’ve heard on too many commercials: pugnacious, compassionate but spouting a whole bunch of boilerplate. Delilah smiled weakly.

“I appreciate that,” she said. “And we need more of that.”

Then she waved Nino over. Usually shy, the architecture major now channeled her inner Lesley Stahl.

“Why do you have to be governor in order to do something while you have billions of dollars?” she said.

Steyer didn’t flinch as he explained how he has funded ballot propositions and nonprofit initiatives to fight for a more equitable California.

“So I’ve been able to do something, but what I see in California — and what Delilah and I were just talking about — is big corporations actually run the state,” he said.

“That’s true,” Nino conceded.

“You have to take on the big corporations that are screwing everybody. And you can really only do that as governor,” Steyer continued.

“You want to tax the billionaires, is that correct?” Nino asked next, as Steyer nodded. “How come on some [campaign disclosure] forms, it shows that your billions are in different [countries] besides in the U.S.?”

The candidate vigorously shook his head.

“I might have investments outside the United States, but there’s nothing I’m doing to not pay — I pay full California and American taxes on everything, promise. There’s a lot of ways I could avoid taxes, but I don’t. And so, anything that I’m doing overseas is not to avoid taxes. … I give you my word.”

One more from Nino!

“And how can the people trust billionaires when currently they have been very disappointing towards us?”

“I understand why people are skeptical,” Steyer replied. “They couldn’t be more skeptical than I am.”

He argued that other moguls “are supporting every other candidate. Those people hate me — like, they think I stand for something really bad, which is making them pay their fair share,” referring to a proposed November ballot initiative that would impose a one-time 5% tax on billionaires like Steyer (he supports the measure).

“And they’re right,” Steyer concluded. “And so it’s like, they hate me, and that’s fine.”

Nino stayed silent. Delilah thanked Steyer, who was off to visit other local businesses owned by friends of ours. He bought a bottle of rosé, posed for photos with Delilah and Sarmiento and went off — but not before a staffer adjusted the back of his collar.

Delilah and Nino went back to prepping lunch orders. What did they think about Steyer?

“To be honest, I’m so skeptical,” Nino said. “I don’t think he has enough experience as some of the other candidates, and I feel like he could have been more into detail about his policies.”

What about you, honey?

“Gracious, very kind and not pompous, which is what I would expect from most politicians,” Delilah said. “I like that he heard out Angela — that’s important [that] politicians listen to the next generation, and I think everybody should be doing that. But I wasn’t satisfied with my insurance question.”

“And we don’t know if this is a performance,” Nino added, drawing a playful gasp from Delilah. “We’ve seen, like, throughout the years, many political people go into, like, regular [businesses] to seem like, ‘Oh, we’re relatable to the people. We know your struggles.’”

“Do they really?” Delilah interjected.

Nino frowned.

They could just be putting on a show for the cameras, she said.