Billionaire Tom Steyer has the chance to do something amazing.
The progressive activist, who is worth an estimated $2.4 billion, is running for governor and though he made his fortune running a hedge fund that had significant positions in private prisons, oil and coal, he rages against those industries now.
He’s also seemingly against wealth. In fact, Steyer has come out in support of a proposed wealth tax that might be on California’s November ballot and has a proposal to jack up property taxes on commercial real estate because, he says, billionaires need to pay their “fair share.”
Does Steyer mean it? Political campaigns are basically performance art now and it’s hard to tell where any candidate really stands. Steyer says he’s the “billionaire who is going to raise money from billionaires,” and the good news is that we don’t have to wait.
Talk is cheap, but there’s a way to prove he means business.
A modest proposal: Steyer can pay a wealth tax today.
Why wait to see if the proposed 5% tax on billionaires’ net worth qualifies for the ballot and is approved by voters later this year? Steyer could get his $120,000,000 ready and hand it over to the state at any time.
Just think about it. Nothing says “I’m for real” like an oversized check presentation. It gave Ed McMahon G.O.A.T. status and it can make Steyer a G.O.A.T. too.
Yes, it must be an oversized check, for the optics.
Steyer could call up Gov. Gavin Newsom right now to schedule a press conference. Newsom can schedule it for the next time he’s in California; heck, the governor might even have an oversized check vendor to recommend.
Is this crazy idea even possible? Yes, according to California Government Code 11005.1, the Director of Finance can accept monetary gifts to the state. So someone should let the advance team know to invite Director Joe Stephenshaw so he can take the little check – but for the cameras, give Newsom the oversized check.
Trust me, this would get plenty of coverage. And what would the rest of the Democratic field do? Where’s Eric Swalwell’s check? He doesn’t have one, which is why this is the ultimate flex. While Steyer is on the evening news in every California media market, Swalwell will still be ditching votes to record TikTok videos.
And what about Katie Porter? She’ll probably berate some poor intern and then send a strongly-worded press release panning the oversized check presentation as nothing more than an expensive campaign stunt. And you know what? She’s right. But so what? Steyer could show his fighting spirit by tweeting a picture of himself holding a white board that reads: “Sorry, Katie. You’re too broke for a campaign stunt this awesome.”
This move is ballsy, sure. Liquidating enough assets to come up with $120 million in cash is a pain, but if the wealth tax passes it’ll have to be done anyway. This is nothing more than the out-in-front leadership Californians want.
This is how legends are made.
Steyer is no stranger to making it rain. He has spent more than $400 million between his current gubernatorial campaign and his former presidential campaign where he earned as many delegates as I did sitting on my couch. This modest proposal is just a fraction of what he’s already incinerated and would probably be more effective. After all, he’s still sitting in fifth place with 10%, so why not go big?
It’s a stroke of genius and it doesn’t have to stop there.
Steyer says he wants to get rid of the “Trump tax loophole,” which is not really a loophole and has little to do with Trump. Steyer is really just saying he wants to get rid of Prop 13 property tax protections on commercial real estate, even though voters rejected that idea just a few years ago.
Good news: Steyer owns a lot of commercial real estate and can start coughing up some money there as well.
Yes, his commercial real estate holdings appear to be mostly, if not entirely, out of state, but that doesn’t mean he can’t give a little back to the state that gave so much to him. After all, this is about paying a “fair share,” right?
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This modest proposal rectifies that, but only financially. Instead of winning the day, how about winning the month! Steyer could launch an apology tour where he, the billionaire activist, tells kindergarteners, parents and teachers on the steps of an elementary school just how sorry he is for not paying his fair share and how he’s planning to do better.
Steyer wouldn’t need to present an oversized check every time, obviously, as that would just be annoying. But he should make sure pictures of him with the check are included in all his campaign and event leave behinds.
Reporters would eat it up. It would be epic, as the kids say.
Matt Fleming is an opinion columnist for the Southern California News Group. Follow him on X at @flemingwords or email him at flemingwords@gmail.com.
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