Gov field isn’t buying the wealth tax[[1]](https://www.politico.com/newsletters/california-playbook/2026/01/16/gov-field-isnt-buying-the-wealth-tax-00733083?nname=california-playbook&nid=00000150-384f-da43-aff2-bf7fd35a0000&nrid=cc082b66-1195-4295-92b5-e72037c7247e)

TL;DR

California Democratic gubernatorial candidates mostly oppose SEIU-UHW's proposed one-time 5 percent wealth tax on billionaires.
Katie Porter, Antonio Villaraigosa, Xavier Becerra and Ian Calderon explicitly rejected the measure, citing risks to education funding and wealthy flight.
The proposal divides Democrats and labor unions amid Newsom's prior criticism and state budget pressures.

The story at a glance

Politico's California Playbook surveyed main Democratic contenders to succeed Gov. Gavin Newsom on SEIU-UHW's ballot push for a one-time 5 percent tax on billionaires' holdings. Most candidates either opposed it outright or stayed silent, echoing Newsom's earlier sharp criticism of the plan. This comes as the state faces budget shortfalls and some billionaires have already relocated over the proposal.[[1]](https://www.politico.com/newsletters/california-playbook/2026/01/16/gov-field-isnt-buying-the-wealth-tax-00733083?nname=california-playbook&nid=00000150-384f-da43-aff2-bf7fd35a0000&nrid=cc082b66-1195-4295-92b5-e72037c7247e)[[2]](https://www.politico.com/newsletters/california-playbook/2026/01/16/gov-field-isnt-buying-the-wealth-tax-00733083)

Key points

Katie Porter opposed the tax, warning it could doom an extension of income-tax hiking Prop 55 on the same ballot and hurt education and food assistance funding.
Xavier Becerra rejected it as "sketchy policy," favoring instead extensions of Props 30 and 55 for schools and health care.
Antonio Villaraigosa's campaign said no, noting high earners have already left due to high income taxes and regulation; a wealth tax would push more out.
Ian Calderon called it a short-term fix that lacks accountability and risks driving investment away.
Tom Steyer supports wealth taxes in concept but wants more review of this one for unintended consequences; he'd push split-roll property taxes if elected.
Tony Thurmond backs a billionaires' tax in principle with education getting revenue but focuses on Prop 55 extension and is still reviewing.
Betty Yee took no position, urging spending cuts and revenue from billionaires and corporations to fix deficit budgeting.

Details and context

The tax targets billionaires in California as of January 1, 2026, with payments due in 2027 and an option to spread over five years at extra cost; real estate, pensions and retirement accounts are excluded.[[3]](https://lao.ca.gov/BallotAnalysis/Initiative/2025-024) Newsom has filleted the idea before, pointing to billionaires like Mark Zuckerberg, Larry Page, Sergey Brin, Larry Ellison and Peter Thiel leaving the state.[[4]](https://kiley.house.gov/posts/rep-kevin-kiley-introduces-bill-to-fight-californias-wealth-tax) Some initial supporters like St. John’s Community Health CEO Jim Mangia pulled back to seek local funding.

Labor unions are split on the ballot tactics, and pairing it with Prop 55 could sink both under voter rules. No other candidates responded to Playbook by deadline; Eric Swalwell has backed higher taxes on the wealthy before but not wealth taxes specifically.

Key quotes

Katie Porter: “No one in this race has fought harder to make the ultrarich pay their fair share. ... However, I have real concerns about this specific proposal because it could end up hurting our ability to fund other key priorities like education and food assistance.”[[1]](https://www.politico.com/newsletters/california-playbook/2026/01/16/gov-field-isnt-buying-the-wealth-tax-00733083?nname=california-playbook&nid=00000150-384f-da43-aff2-bf7fd35a0000&nrid=cc082b66-1195-4295-92b5-e72037c7247e)
Antonio Villaraigosa (to Sacramento Bee): “The problem with the wealth tax: because of the upper income tax and because of our over-regulating business climate, a lot of these people have left already. We pass that wealth tax, they’re all going.”[[1]](https://www.politico.com/newsletters/california-playbook/2026/01/16/gov-field-isnt-buying-the-wealth-tax-00733083?nname=california-playbook&nid=00000150-384f-da43-aff2-bf7fd35a0000&nrid=cc082b66-1195-4295-92b5-e72037c7247e)

Why it matters

The wealth tax debate highlights tensions over California's chronic budget deficits and reliance on high earners for revenue. It signals caution among Democrats on aggressive tax hikes that could accelerate wealthy exodus and shrink the tax base. Watch if the measure qualifies for the November 2026 ballot and how candidates refine positions as the governor's race heats up.

Gov field isn’t buying the wealth tax[[1]](https://www.politico.com/newsletters/california-playbook/2026/01/16/gov-field-isnt-buying-the-wealth-tax-00733083?nname=california-playbook&amp;nid=00000150-384f-da43-aff2-bf7fd35a0000&amp;nrid=cc082b66-1195-4295-92b5-e72037c7247e)