Tom Steyer wants a special election to hike corporate taxes in 2027

Tom Steyer is telling union leaders in California that he’d back a special election to raise corporate taxes in his first year as governor, as he tries to solidify his claim to the progressive lane in a crowded Democratic field.

The billionaire investor has quietly been floating a 2027 push that could include modifying California’s landmark Proposition 13 property tax limits to assess commercial properties at market value, a popular progressive idea known as “split-roll,” as well other levies to raise additional revenue. Multiple union leaders told POLITICO that Steyer has raised the prospect of a special legislative session to tackle the issue, as well as an off-year election to seek necessary approval from the voters.

Steyer confirmed the discussions in an interview and said the details of such a move are yet to be hammered out.

“The big Republican bill is really going to hit the California budget, and that is going to blow a hole in it,” Steyer told POLITICO, referring to health care cuts in the megabill passed last year. “We really can’t wait. We’re on the clock. And so, yes, the only way to pass that is with a special election.”


https://www.politico.com/news/2026/02/18/tom-steyer-wants-a-special-election-to-hike-corporate-taxes-in-2027-00786876