Tom Steyer Urges Democrats to Support Closing the Trump Tax Loophole

SAN FRANCISCO —Today, more than a week after Tom Steyer unveiled his plan to close the “Trump Tax Loophole,” a billionaire-friendly break that lets wealthy commercial property owners avoid paying taxes on the true value of their properties, the rest of the Democratic primary field has remained conspicuously silent. Steyer challenged his fellow Democrats to back this long-overdue reform to help close California’s budget gap and fund essential priorities like education, health care, and local services:

“California is home to one of the most egregious tax loopholes in the entire country — one that overwhelmingly benefits the largest, wealthiest corporations and leaves California homeowners to pick up the tab.

“I understand why Republicans want to keep it. I understand why billionaires who run big corporations want to keep it. And I can even understand why Matt Mahan wants to keep it, because Republicans and billionaires are the ones funding his campaign. But my fellow Democrats have no excuse. 

“It’s time to close the Trump Tax Loophole and make these corporations and landowners – including Donald J. Trump himself — pay what they owe California. And I’m calling on every Democrat running for governor to join me. 

“If not, I think voters deserve to know why they think a multi-billion-dollar giveaway to corporations is worth protecting — and deserve to see their plan to raise the revenue we need to reverse Trump’s devastating cuts.”  

The challenge comes as Eric Swalwell struggled to articulate a credible plan to generate new revenue for the state and Matt Mahan continues to accept maxxed-out donations from the same Big Tech CEOs and MAGA-aligned billionaires who benefit from this loophole.

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