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# Billionaire Thomas Steyer Backs YES on Prop 39
- URL: https://ivn.us/billionaire-thomas-steyer-backs-yes-on-prop-39/
- Published: 2012-10-18T12:00:58.000Z
- Updated: 2026-06-22T19:33:20.000Z
- Author: Cassidy Noblejas Bartolomei
- Tags: News

Credit: http://blogs.kqed.org/election2012/files/2012/10/Tom-Steyer\_ErikAnderson.jpg

![](https://storage.ghost.io/c/dc/be/dcbe1ac4-146f-43be-92a6-ea84728d86a6/content/images/2026/02/billionaire-thomas-steyer-backs-yes-on-prop-39-62598.jpg)

This November Californians will have the choice to vote on [Proposition 39](http://ballotpedia.org/wiki/index.php/Text%5Fof%5FCalifornia%5FProposition%5F39%5F%28November%5F2012%29?ref=ivn.us). If 39 should pass, it will require that businesses with operations in multiple states pay income taxes based on a percentage of their business in California, instead of the currently permissible preferred tax calculation method. (For more on Prop 39 visit the IVN [Election Center](https://ivn.us/ca-election-center/propositions/about-prop-39/).)

Whether the proposition passes could rely heavily on the success of the "Yes" and "No" campaigns, as the intricacies of business taxes are not the average voter's expertise. Interestingly, the “[Yes on Prop 39](http://www.cleanenergyjobsact.com/?ref=ivn.us)” campaign has raised $23.128 million in contributions, with $21.9 million invested by one man, [Thomas F. Steyer](http://www.forbes.com/profile/thomas-steyer/?ref=ivn.us). The “[No on Prop 39](http://www.stop39.com/?ref=ivn.us)” campaign, on the other hand, has had no financial support.

According to [Forbes.com](http://www.forbes.com/home%5Fusa/?ref=ivn.us), Steyer has a net worth of $1.3 billion. His self-made fortune began with San Francisco-based hedge fund [Farallon Capital Management](http://www.faralloncapital.com/?ref=ivn.us), which he founded in 1986\. Since then, Steyer has become Managing Director and Member of the Investment Committee of [Hellman & Friedman](http://www.hf.com/?ref=ivn.us), L.L.C. and has been heavily involved in both business and politics. He has also co-founded the [Advanced Energy Economy](http://www.aee.net/about-us/board-of-directors-aee-institute?ref=ivn.us) business organization and has created the [One Pacific Coast Foundation](http://www.onepcf.org/?ref=ivn.us) to start a community bank, [One Pacific Coast Bank](http://onepacificcoastbank.com/default.aspx?ref=ivn.us).

Steyer argues that Prop 39 could bring $1.1 billion a year to California. The money would then be used for clean energy and other programs that will create jobs. Section 2, Division 16.3, Chapter 2 of the proposition creates the "California Clean Energy Jobs Fund," which would receive $550 million from the General fund over five fiscal years. If the Citizens Oversight Board, created by the proposition, is diligent and efficient with the funds raised and re-appropriated by Prop 39, California may see a rise in clean energy jobs.

California voters now have several issues to consider when deciding how to vote on Prop 39: The "Yes" campaign’s [argument](https://ivn.us/ca-election-center/2012/10/12/california-prop-39-multistate-businesses-clean-energy-2/) for passing the proposition and the implications of Steyer’s involvement, and the "No" campaign’s counter [argument](https://ivn.us/ca-election-center/2012/10/12/california-prop-39-multistate-businesses-clean-energy-2/).

Researching the groups and individuals that fund campaigns is a helpful way to understand whose interests are involved where, and can help voters estimate the full repercussions of a given proposition.