California’s 2026 governor’s race is already shaping up to be one of the most expensive political battles in state history — and one billionaire is making sure of it.
With Gov. Gavin Newsom nearing the end of his tenure, a new political heavyweight is emerging — and he’s spending at levels that should make every taxpayer pay attention.
Tom Steyer Dumps Millions Into California Governor Race
Billionaire activist Tom Steyer has now poured $66.7 million of his own money into his campaign to become California’s next governor.
New campaign filings show Steyer injected another $28.5 million just this month alone.
For perspective:
- Newsom spent $46.8 million in his first run for governor in 2018.
- His 2022 re-election cost just $21.6 million.
- Meg Whitman previously set the spending record at $144 million in 2010.
At this pace, Steyer could rival or even surpass Whitman’s record.
For voters over 50 who remember that election clearly, this feels familiar: massive personal wealth flooding California politics.
Poll Numbers Rising — But At What Cost?
Recent polling from the Public Policy Institute of California shows Steyer gaining traction in a crowded Democrat field.
He trails candidates like:
- Katie Porter
- Eric Swalwell
But here’s the difference:
They must raise money.
Steyer simply writes another check.
That advantage matters in a state as expensive as California, where media markets cost millions and political ads dominate television, radio, and digital platforms.
“The Billionaire Fighting Billionaires”
Steyer has branded himself as the billionaire willing to tax billionaires. He supports proposals like a wealth tax and aggressive environmental regulations.
Supporters say he’s been involved in progressive causes for years.
Critics — especially many fiscal conservatives — ask a different question:
If higher taxes and more regulations worked, why is California struggling with:
- Sky-high utility bills
- Record gas prices
- Rising property taxes
- An ongoing affordability crisis
For retirees and middle-class families living on fixed incomes, these are not abstract policy debates. These are kitchen table issues.
Democrat Anxiety Behind the Scenes
California’s “top-two” primary system adds another layer of drama.
Under California’s primary system, the two candidates who receive the most votes move on to the general election, no matter what political party they belong to.
That means if Democrats split their vote among multiple candidates, two Republicans could advance.
Names gaining attention include:
- Steve Hilton
- Chad Bianco
Behind closed doors, some Democrat strategists are reportedly worried the party lacks a clear economic message focused on affordability and public safety — issues that consistently rank highest among older voters.
Why This Matters for Californians 50+
Voters age 50 and older make up one of the most reliable voting blocs in California.
And right now, their top concerns include:
- Protecting retirement savings
- Keeping property taxes manageable
- Reducing crime
- Controlling inflation and energy costs
The question many are asking:
Will another wealthy progressive candidate bring real economic relief — or double down on the same policies that have driven families and businesses out of the state?
The Bottom Line
Tom Steyer’s massive self-funding guarantees he won’t fade from this race anytime soon.
But California voters — especially those who have watched decades of political promises come and go — will ultimately decide whether more spending and more taxation are the solution.
One thing is certain:
The battle to replace Gavin Newsom is officially underway.
And it’s going to be expensive.