Billionaire Steyer Pitches 2027 Tax Ballot Measure as California Governor

Steyer plans to push for a special election to raise corporate taxes and change Prop 13 if elected

Published on Feb. 27, 2026

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Billionaire Tom Steyer is quietly pitching a plan to hold a special election in 2027, once he is elected California governor, to raise corporate taxes and create a "split roll" under Proposition 13 that would regularly reassess commercial properties at market value. Steyer argues this could help plug a looming budget hole, but the proposal faces skepticism over the costs and impacts of off-year elections.

Why it matters

Steyer's tax plan would represent a major shift in California's tax code, potentially generating significant new revenue but also sparking fierce opposition from business groups. The proposal also highlights the role that tax and affordability issues will play in the 2026 California governor's race.

The details

Steyer has been workshopping the 2027 ballot measure strategy with labor leaders, pitching it as a way to raise taxes on corporations and close loopholes. He argues this, paired with a "split roll" that reassesses commercial properties, could help address a looming state budget shortfall. Steyer previously backed a failed 2020 ballot measure to create a split roll, and he has rolled out other tax proposals on the campaign trail.

  • Steyer plans to hold a San Francisco press conference on February 20, 2026 to announce the proposal.
  • Steyer is aiming for a special election in 2027, once he is elected governor, to put the tax measures on the ballot.

The players

Tom Steyer

A billionaire businessman and Democratic candidate for California governor in 2026, who is pitching a 2027 special election to raise corporate taxes and change Proposition 13.

California labor unions

Union officials say they have been working with Steyer on the 2027 tax ballot measure strategy, arguing fresh revenue is needed to stabilize local budgets.

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What they’re saying

“The big Republican bill is really going to hit the California budget, and that is going to blow a hole in it. We can't wait.”

— Tom Steyer (POLITICO)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

Steyer plans to hold a press conference in San Francisco on February 20, 2026 to formally announce the 2027 tax ballot measure proposal.

The takeaway

Steyer's plan to push a 2027 special election to raise corporate taxes and change Proposition 13 highlights the central role that tax and affordability issues will play in the 2026 California governor's race. While the proposal could generate significant new revenue, it also faces skepticism over the costs and impacts of off-year elections.