Steyer Pledges AI Job Guarantees and Billionaire Tax in California Governor Bid

Hedge fund billionaire Tom Steyer has launched his campaign for the California governorship, positioning himself as a candidate capable of addressing the state’s severe inequality while preserving its status as a global innovation hub. Following the June primary, Steyer is vying for the November election with a platform that includes support for the Billionaire Tax Act, strict regulation of artificial intelligence, and a firm stance against liquefied natural gas (LNG) trade.

Steyer, who founded Farallon Capital Management before divesting from all oil and gas investments in 2012 to align his finances with his climate activism, argues that California’s current inequality levels exceed those of the Gilded Age. He cites widespread homelessness and residents sacrificing health insurance to pay rent as evidence of a system failing its working class. While he supports the Billionaire Tax Act to address this disparity, he has noted the proposal is imperfect as a one-time levy that does not specifically fund education, a sector he believes requires significant refocusing.

A central pillar of Steyer’s economic platform is a guarantee that every worker displaced by artificial intelligence will be provided with a well-paid job and benefits. He contrasts this specific pledge with what he describes as the vague policies of his opponents, warning against the economic hollowing out seen in other regions. Steyer insists that AI must serve as a tool for workers rather than a replacement, advocating for training programs that lead directly to employment to prevent the kind of long-term unemployment seen in the Midwest during previous industrial shifts.

On the technology front, Steyer outlined a framework he described as controlling, altering, or deleting specific innovations. He proposed deleting the LNG trade, arguing it is dirtier than coal and diverts capital from cleaner alternatives like battery development and electric infrastructure. He seeks to alter AI through regulation to protect children and consumers, and to control cryptocurrency markets to safeguard unsophisticated investors from damage, arguing that clear rules are preferable to outright bans.

Steyer also pledged to uphold California’s sanctuary status, opposing cooperation with federal Immigration and Customs Enforcement (ICE) agents. He described ICE as a criminal organisation designed to operate with impunity, comparing its masked, armed agents to those in despotic regimes. He stated that state laws against racial profiling and violence must be enforced, positioning the governor’s office as a barrier between Californians and federal overreach.

The candidate emphasised that his goal is to maintain California’s ecosystem of human capital, which he identified as the key driver of innovation. He argued that while stocks and companies may fluctuate, the state’s ability to attract and retain talent ensures its continued leadership in technology. Steyer aims to demonstrate that a society can succeed economically while prioritising shared prosperity, better education, and affordable living costs.