Tom Steyer is pushing a ballot measure to close what he's calling the "Trump Tax Loophole" in Prop 13—but critics say he's inflated the revenue figure by up to 150% and slapped a new name on a 1978 Democratic law. Meanwhile, a separate SEIU-UHW ballot initiative to tax billionaires has reportedly already triggered an exodus of roughly 48 billionaires and $1.1 trillion in wealth before a single vote is cast. Both fights are shaping up as the defining fiscal battles of California's 2026 ballot season, with the state already facing an $18 billion deficit despite record revenues.
Tom Steyer renamed a 1978 Democratic law after Donald Trump and called it a plan. The loophole is real. The history, and the math, are not.
SEIU-UHW's asset seizure tax has already cost the state $16.4 billion per year in lost revenue—and it hasn't even passed yet.
Cities skim $300 million a year in fees from affordable housing projects, then wonder why we can't house families.
The Robinhood CEO says he loves this state. That's why his warning should terrify Sacramento.
Even Gavin Newsom admits taxing billionaires will backfire. Europe already proved it. Why won't Sacramento listen?
Inherited wealth wants to destroy builders while protecting their own loopholes. The data exposes the fraud.
Private polls show 80-90% of billionaires already gone or leaving. This isn't about the rich—it's about California's survival.
A quiet amendment to the "Billionaire Tax" would force founders to go bankrupt or surrender control of their companies.
Per capita spending jumped from $4,350 to $12,940 while population grew just 11%. Where did all that money go?
One in 12 UCSD freshmen can't do middle school math—and 25% of them had perfect 4.0 GPAs in high school.