Billionaire Tom Steyer wants to take on the rich in run for California governor
Summary
Billionaire Tom Steyer is running for governor of California, promoting the idea that wealthy people and companies should pay higher taxes. Although he made his fortune in hedge funds that invested in fossil fuels, he now supports strong climate action and limits on corporate influence in politics.Key Facts
- Tom Steyer is a billionaire climate activist with a fortune of about $2.4 billion.
- He wants to raise taxes on other billionaires and corporations in California.
- Steyer founded a major hedge fund that invested in oil and coal before shifting to climate activism.
- He has spent millions supporting laws to reduce greenhouse gas emissions in California.
- Steyer is a Democrat and was a presidential candidate in 2019 to replace President Donald Trump.
- His campaign spending is much higher than his Democratic rivals, which some see as trying to buy the election.
- Business groups oppose him because of his tax and climate positions.
- Steyer started NextGen America to encourage young people to vote and support climate policies.
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