billionaire

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.

San Francisco, United States – Greer Dove’s days are packed with studying business and finance, as well as doing administrative work at college, along with caring for her eight-year-old daughter with special needs. But once a week, Dove, a single mother, makes sure to drop in at the food bank in California’s Marin County to pick up vegetables, fruit and other food. Along with the federal government’s food benefits, they keep her housing running.

“We need this so we can keep functioning at a high level,” she says. “She loves fruit, so I make sure to get it,” she says of her daughter.

Dove, who is also looking for a full-time job, has worked in restaurants, event management, retail, television shows, office administration and payroll over the years. But she has been on the federal government’s Supplemental Nutritional Assistance Program (SNAP) for six years, and with the food bank, for more than three years. Before she got food benefits, Dove fed her daughter all she had and skipped meals or looked around for snacks in the offices she worked at to get her through the day.

United States President Donald Trump’s One Big Beautiful Bill Act (OBBBA), passed in June, cut SNAP benefits by more than $186bn over the next 10 years to make up for extending cuts to income tax. This could lead to more than 3 million people nationwide, and 665,000 recipients in California, losing such food benefits, according to estimates.

“This will bring a series of cuts that collectively present an existential threat to food benefits,” says Andrew Cheyne, managing director of government relations and public affairs at the County Welfare Directors Association of California.

California’s proposed billionaire tax, which seeks to impose a one-time 5 percent tax on the assets of the state’s more than 200 billionaires to make up for the funding gap created by the OBBBA, got more than 1.5 million signatures in April. It is likely to be on the ballot for the November midterm election.

While most of the nearly $100bn expected to be raised through the tax will go towards filling the gap in health insurance created by the OBBBA, 10 percent will be used to make up for the retrenchment in food benefits.

In California, where more than 5.3 million people, more than any other state, receive food benefits, the impacts of the cuts began to be felt in April when 72,000 immigrants started losing benefits. June onwards, nearly 600,000 recipients will be screened for work eligibility. Recipients, including those who are homeless, seniors, foster youth and veterans, will have to work, study or volunteer to receive food benefits. Failing the screening to meet work requirements for three months will lead to their food benefits being cut.

Brian Galle, professor of law at the University of California at Berkeley and one of the tax measure’s authors, says that in California, the state that introduced gig work, “jobs are increasingly precarious. You may find enough work or not. You may get tips or not. But nutrition needs are steady.”

Making impossible choices

On a recent Friday morning, new members lined up to enrol at a whitewashed, bunting-festooned La Ofrenda food bank in San Francisco’s Mission district. The food bank doles out fresh vegetables, fruit and bread that have been donated by large grocery stores once those products neared expiration date.

Gladys Lee had taken a 45-minute train ride after a friend told her about it. Lee worked at downtown San Francisco’s Hyatt hotel as a room cleaner for three decades until a back injury meant she could not push the heavy cleaning carts any more and had to leave. After seven years of struggling to find work, food was getting scarce, and Lee found her way to La Ofrenda. She packed what she could into a carton and held it in her arms for the train ride back.

Food benefit rolls have shrunk by more than 3.3 million nationally in the six months from July 2025, when the OBBBA was enacted, to January 2026.

In California, the rolls of Calfresh, as food benefits are known in the state, shrank by 288,000 or 6 percent from July 2025 to February 2026, according to analysis by the Center for Budget and Policy Priorities, a Washington, DC-based think tank. This reduction in rolls happened even before the OBBBA cuts began.

Brooke Rollins, the agriculture secretary, wrote in a recent essay that the shrinking of SNAP rolls reflected an ebullient economy and buoyant job growth.

“The drop in SNAP recipients affirms that many Americans are moving from welfare to work,” she wrote. “It is no secret that Trump’s massive tax cuts and deregulation efforts are unleashing robust, private sector-led economic growth, which are fueling trillions in investments, booming wage growth”.

But unemployment remained stable at about 4.4 percent since July 2025, according to the Bureau of Labor Statistics data, while SNAP rolls shrank.

“This last time we saw such a steep, quick decline, other than during natural disasters, is three decades ago when welfare reform was enacted,” says Dottie Rosenbaum, senior fellow and director of  Federal SNAP Policy at the Center for Budget and Policy Priorities.

Nationally, SNAP rolls shrank by 8 percent, while in California, they shrank by 5.5 percent, in part because the work eligibility requirements were delayed until June, while some other states have already implemented them.

At La Ofrenda, Roberto Alfaro, executive director of the nonprofit Homey, says he started the food bank when food costs went up during the pandemic. They have stayed high, he says. Now he sees people doing day jobs and night jobs and coming for food when they have paid rent.

“People are making impossible choices,” says Keely O’Brien, a policy advocate at the Western Center for Law and Poverty.

While California is the world’s fourth-largest economy, growth has come with a soaring cost-of-living crisis.

“With rising housing and utility costs, few households can dedicate that much of their income towards food,” O’Brien says.

The OBBA has also shifted the administrative cost of meeting work eligibility requirements to states, and beginning next year, part of the cost of SNAP will also fall on states.

“To make requirements more stringent, you are creating more government, more bureaucratic logjam,” says Jaren Sorkow, state director for the Children’s Defence Fund.

This has already led to a 51 percent drop in SNAP rolls in Arizona, which has begun implementing the OBBBA cuts, according to data by the Center for Budget and Policy Priorities.

Making something from nothing

Several measures to counter the $100bn gap in funding for health insurance and food benefits created by the OBBBA have been floated in California. The biggest of these is the one-time 5 percent tax on those with assets of more than a billion dollars. The tax will raise $100bn, its authors estimate.

As it seems set to be voted on in the November election, it faces mounting opposition from the state’s tech entrepreneurs who have funded measures to undercut the tax.

Tech entrepreneurs have called it an economic 9/11, saying taxing their assets, including shareholding in startups, will lead to a flight of capital and innovation from the state. Sergey Brin, a cofounder of Google Inc, now spends a week in Nevada and a week in his Bay Area offices and has spent more than $57m on opposing the billionaire tax. He has backed two measures that undercut the billion tax, which have also received 1.4 million and 1.5 million signatures and are also set to be on the ballot for the November election.

One of these measures prohibits future taxes on personal property, including financial assets, savings and retirement accounts, as well as intellectual property. The other would increase audits of taxpayer-funded programmes, and includes language that would essentially invalidate the billionaire tax.

In a recent statement to The New York Times, Brin said, “I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place.”

The coalition of unions backing the billionaire tax is bracing for the fight ahead. “We expect to be outspent,” says Kris Cuaresma-Primm, director of partnerships for the coalition that is backing the billionaire tax. “We will keep communicating to people that there is a tidal wave of pain coming from the cuts, and we want to reclaim the losses from the OBBBA.”

Giulia Varaschin, senior tax policy adviser at the International Tax Observatory, who recently coauthored a study on wealth taxes, says there is little academic evidence that such taxes cause the wealthy to leave at a notable scale. “There is only a marginal flight with very little, if any, economic impact,” she says.

The study, coauthored with the economist Gabriel Zucman, who supports the California billionaire tax, did find that wealth taxes had not raised as much revenue as estimated in several European countries and became less popular as a result.

Varaschin says this was because these taxes were levied on a larger set of the wealthy, which included homeowners or small businesses, rather than the ultra-rich or billionaires. The taxpayers could hardly afford to pay it, and the government made exemptions instead. These taxes also did not touch assets, where much of the wealth of the ultra-rich lies, Varaschin says.

The California tax remedies this by taxing only billionaires and taxing assets, including shares in companies.

Daniel Shaviro, Wayne Perry professor of taxation at New York University, says, “Traditionally, these taxes can be hard to enforce because tax administration don’t want to go after these people.”

Even if it passes, “The governor could just say this is not a high priority for him and not enforce it,” Shaviro says, referring to Governor Gavin Newsom, who has opposed the tax.

But Primm says, “The governor is out of touch with Californians on this”.

Newsom is in the last year of his last term as governor. However, nearly all the candidates running for the June 2 primary for governor, except billionaire Tom Steyer, who is running as a progressive Democrat, also oppose this measure. While some have said this will lead to a flight of capital, others say the spending plan does not include expenses for education, which was not cut in the OBBBA.

Greer Dove, who gets food through Calfresh and the San Francisco Marin Food Bank for herself and her daughter, says the looming food benefit cuts are worrying. “The anxiety of it all is adding up. I could be next.”

In a treehouse nestled in redwoods north of San Francisco, Gov. Newsom stood cold and hungry as Sergey Brin, the world’s fourth-richest man, and his wellness-influencer girlfriend told him they were leaving the state.

It was late in the evening at a Christmas party hosted by crypto titan Chris Larsen — featuring singer Janelle Monáe and a towering abominable snowman with glowing red eyes — when Brin and his partner, Gerelyn Gilbert-Soto, confronted Newsom about a new proposal to tax billionaires in California, according to people who’ve spoken with the governor. Such a levy could hit Brin’s stake in Alphabet Inc. and his $272.6 billion fortune.

Newsom, who opposes the wealth tax, was still telling people about the lengthy exchange at the party months later, complaining of a lingering cold the pair had given him, according to the people, who asked not to be named discussing private conversations with the governor.

Brin, meanwhile, followed through. He left the state, bought a lakeside mansion in Nevada, and started bankrolling a billionaire political uprising in California.

Newsom, through a spokesperson, declined to comment on the interaction. “The governor has been very clear with everyone, no matter who they are, that this effort will do serious damage to the state, including for public safety workers and schools, at the expense of one special interest group,” Izzy Gardon, a spokesperson, said.

A representative for Brin didn’t respond to requests for comment.

Brin’s political push reflects a broader awakening among California’s ultrawealthy. Over the past six months, the proposed billionaire tax and a heated governor’s race have drawn tech titans and business leaders more directly into the state’s affairs — a space many of them have traditionally kept at arm’s length.

Prior to this year, Brin’s last contribution in a California election cycle was 2010 when Arnold Schwarzenegger was governor and the Google co-founder largely backed climate causes. He’s now spent more than $58 million in the last four months, including an extra $9 million disclosed late Friday, but more importantly has helped mobilize a network of fellow tech titans in a push to sway state issues.

“The wealth tax was a wake up call, it was a fire that just lit up Silicon Valley literally in a matter of weeks,” said Steven Maviglio, a veteran Democratic strategist. “I’ve never seen anything like it.”

Altogether, ultrawealthy donors have injected more than $270 million into California’s political scene in this election cycle. Outside of the wealth tax, billionaire Tom Steyer is emerging as a top Democratic candidate for governor after the downfall of former Representative Eric Swalwell following allegations of sexual assault. Steyer, a former hedge fund manager, has spent more than $140 million in his election bid, crowding TV airwaves with ads and labeling himself a “class traitor” with a campaign modeled after Vermont Senator Bernie Sanders.

Ballots for the June 2 primary election start going out next week. Brin and a cohort of the ultrawealthy including Coinbase CEO Brian Armstrong and venture capitalists Vinod Khosla and John Doerr have plowed millions into supporting Matt Mahan, a Silicon Valley mayor, with a back-to-basics agenda and a penchant for taking on the state’s Democratic establishment.

That money has helped Mahan buy airtime and attracted controversy, but his polling numbers remain stuck in the single digits while Steyer’s well-funded progressive campaign is gaining favor with voters. Brin has also backed Republican Steve Hilton, who’s currently leading polls.

“You have two polar opposites going on. You have a billionaire running who has actually fully adopted an agenda that the vast majority of voters agree with: Taxing billionaires, funding healthcare, fighting back against ICE,” said Lorena Gonzalez, head of the state’s largest union group, the California Federation of Labor Unions. “And then you have billionaires pushing a candidate whose talking points are apologetic to the tech industry.”

The billionaire political activism in California mirrors larger shifts in Silicon Valley and the nation. President Donald Trump has given tech billionaires broad access to the White House, inviting Brin and other industry captains over for dinner and to join advisory boards.

Back in September, Trump singled out Gilbert-Soto as Brin’s “really wonderful MAGA girlfriend” at a White House dinner also attended by Mark Zuckerberg, Tim Cook and Sam Altman. She has publicly supported Republican Steve Hilton for California governor, a candidate Trump endorsed and Brin has also donated to.

In California, Brin’s newfound political action was catalyzed by the wealth tax proposal, which would levy a one-time 5% tax on billionaires to help offset federal healthcare cuts. In a Signal group chat earlier this year with other Silicon Valley elite, Brin floated the idea of raising hundreds of millions of dollars to influence California politics, according to a person who saw the message.

Brin left California for Nevada ahead of a Jan. 1 residency deadline for the proposed wealth tax. He moved to a $42 million mansion on the Nevada side of Lake Tahoe, featuring two glass-walled funiculars.

Shortly after leaving California, Brin contributed $20 million to a new group dedicated to fighting the tax while also pushing pro-business and housing affordability policies, Building a Better California, making him the single largest contributor. He added $37 million over the spring, as the group quickly started supporting a trio of anti-wealth tax measures that could nullify a billionaire tax if it gets passed in an election. One of the measures, the so-called Transparency Act, has enough signatures to qualify for the November ballot, its backers claimed on Monday.

Building a Better California “remains fixed on long-term reforms supported by most Californians: housing affordability, stable funding for education, infrastructure investments, and government accountability,” a spokesperson said.

Joining Brin in the effort were other billionaires, including former Google CEO Eric Schmidt, Stripe CEO Patrick Collison and venture capitalist Michael Moritz. Peter Thiel, who also left California ahead of the New Year’s Day deadline, gave $3 million to a separate committee opposing the wealth tax.

“They don’t trust California anymore,” said David Lesperance, a tax attorney who specializes in relocations and has helped move five families out of the state because of the wealth tax threat.

Brin and his fellow billionaires helped push up the costs to gather the more than 870,000 signatures required to qualify a ballot measure. This forced the union behind the wealth tax, SEIU-UHW, to spend more on their efforts.

Now, the union says it has succeeded in getting the signatures it needed, which will likely force the business leaders opposing it into further spending.

“A very small group of the most controversial billionaires on the planet tried to stop Californians from being able to save their local emergency rooms and hospitals — but our current signature tally proves frontline healthcare workers will prevail in bringing this commonsense proposal to voters,” said Suzanne Jimenez, SEIU-UHW’s chief of staff. “When our growing coalition files these signatures, David will have won the first round against Goliath.”

Other billionaires have bankrolled their own political initiatives, including Larsen, who set up his own network of influence groups with names like Grow California and Golden State Promise.

Many in Sacramento are skeptical that Brin and his fellow ultra-rich will succeed in swaying California state politics. They point to the failed candidacy of former eBay executive Meg Whitman, who spent around $144 million of her own fortune to become governor, or even venture capitalist Tim Draper’s longshot initiative to split California into six separate states.

“They’re trying to extrapolate from their own industry, which might have been fabulously successful, that they know something about political advertising, when they don’t,” said Garry South, a veteran Democratic strategist. “They think, ‘Hey, I’ve got money I can throw it around,’ and they don’t really do their homework.”

Political consultants describe their frustration with some wealthy tech donors, who often view their political giving through an investment lens, promising big checks and not following through if they don’t see momentum. That’s led to questions about whether the California billionaire activism would continue if Mahan’s governor bid fails and the wealth tax passes.

Even Larsen, who’s worth around $13 billion, has expressed anxiety that not enough business leaders are stepping into politics. “It’s a lot of talk, and they’re happy, but we don’t see the firepower we need to take on the SEIUs,” he said, referring to the state’s largest union.

Newsom, for his part, acknowledges that many of the state’s wealthiest residents are willing to donate significant sums of money, but want to do it on their own terms and not through a tax.

“Some will never give a penny away,” he said at a Bloomberg News event in January, not long after his encounter with Brin in the treehouse. “Some I respect. Some I don’t.”

Kamisher and Carson write for Bloomberg.