Tom Steyer Campaigns for California Governor on Wealth Tax Proposal

Tom Steyer, a hedge fund founder with an estimated net worth of $2.4 billion, is campaigning for California governor on a platform centered on affordability and higher taxes on the wealthy. Steyer has described himself as a "class traitor" and stated that he supports increased taxation on individuals with high net worth.

He has spent more than $132 million of his own funds on the campaign since launching seven months ago.

Early voting ballots are being cast ahead of the June 2 primary. Steyer is one of several Democratic candidates in the race, which also includes former congresswoman Katie Porter and former Los Angeles mayor Antonio Villaraigosa. The California Democratic Socialists of America have endorsed Steyer, describing him as the most progressive candidate despite his background.

Steyer has said he would support a proposed wealth tax on the state's highest earners. Representative Ro Khanna has expressed support for Steyer's candidacy. Steyer has pointed to corporate and tech executive spending against his campaign, stating that he cannot be bought because he is funding his own effort.