Entertainment · TV & Streaming · 4 hrs ago
Billionaire Tom Steyer Backs Proposed 5% California Wealth Tax
Tom Steyer supports a proposed one-time 5% tax on billionaires in California.
The measure, Proposition 40, is on the ballot in the state’s midterm election.
Daily Show host Michael Kosta interviewed Steyer about why he backs the tax, despite being a billionaire himself.
Steyer said he loves California and has never considered moving away.
He argued that society enables great wealth and that billionaires should pay more, while people struggle with rent and health care.
The show said several billionaires, including Elon Musk and Mark Zuckerberg, had left California because of the proposed tax.
The tax would take effect only if voters approve Proposition 40.
Tom Steyer supports a proposed one-time 5% wealth tax on billionaires in California.
The measure, Proposition 40, is on the ballot in California’s midterm election.
Steyer said he had never considered moving and that he loves California.
He argued that society should tax the richest people, particularly billionaires.
The Daily Show host Michael Kosta questioned Steyer about whether he would leave California if the tax passed.
- Who
- Tom Steyer, a billionaire and former California gubernatorial candidate, supports the measure.
- What
- Proposition 40 would impose a one-time 5% wealth tax on billionaires in California.
- When
- It is on the ballot in California’s midterm election. The article was published on 2026-10-30.
- Where
- California.
- Why
- Steyer said society makes wealth possible and that billionaires hold a disproportionate share of its success.
This story does not have two clearly opposing sides.
Steyer advocated for the measure while campaigning to be California governor.
Michael Kosta interviewed Steyer about the proposed tax for The Daily Show.
TheWrap published its article about the segment and Proposition 40.
- Tax rate
- 5%
- Tax type
- One-time wealth tax
- Measure
- Proposition 40
- State
- California
- Publication date
- 2026-10-30
What people are saying
I love California. I love where I live. We should be taxing the richest people in this society, specifically billionaires.
The idea that somebody made the money on their own, without society making that possible is insanely selfish and delusional
We shouldn’t have a very small number of people glomming onto a vastly disproportionate amount of the success in our society, and leaving other people struggling to pay rent, struggling to pay health care, all the things. That is not right
Where are you planning to move once California passes this 5% wealth tax?