Prop 40 - Imposes One-Time Tax on Certain Taxpayers. Initiative Constitutional Amendment and Statute.

BALLOT LANGUAGE

  • Imposes 5% tax on certain taxpayers with assets over $1 billion; revenue primarily for health care. Exempts revenues from constitutional requirements for school funding and spending limit. Fiscal Impact: Temporary revenue increase of tens of billions of dollars spread over several years from wealth tax on billionaires. Possible ongoing decrease of less than $1 billion per year in income tax revenue from billionaires.

WHAT IT MEANS

Yes

A "Yes" vote would

No

A "No" vote would 

ENDORSEMENTS

Yes

Maxine Waters (Liberal)

Christopher Murphy (Liberal)

Bernie Sanders (Liberal)

Our Revolution (Liberal)

California Young Democrats CYD (Liberal)

No

Steve Forbes (Conservative)

Howard Jarvis Taxpayers Association PAC (Conservative)

Equality California (Liberal)

California Teachers Association (Liberal)

Planned Parenthood Affiliates of California (Liberal)

FINANCIAL BACKING

The following information provides insight into the money being spent to pass or defeat the ballot measure.

Yes

CALIFORNIA PROPOSITION 40, ONE-TIME WEALTH TAX FOR STATE-FUNDED HEALTHCARE, EDUCATION, AND FOOD ASSISTANCE PROGRAMS INITIATIVE (2026)

This question is on the ballot in California as a combined initiated constitutional amendment and state statute on November 3, 2026.

Committees formed to SUPPORT the "One-Time Wealth Tax for State-Funded Healthcare, Education, and Food Assistance Programs Initiative (2026)" are:

YES ON 40 - BILLIONAIRE TAX NOW

Selected Contributions TO: "Yes on 40 - Billionaire Tax Now" include:

  • Service Employees International Union - United Healthcare Workers West
  • Saikat Chakrabarti
  • Ross Boucher
  • Hillary Perkins
  • American Federation of State, County & Municipal Employees Council 57 Issues PAC
  • Alan Davis
  • John O'Farrell
  • Tax the Ultra-Rich Now, Yes on 3?&?40, No on 41?& 42
  • Nicole Pesco
  • Betsy Krieger

TAX THE ULTRA-RICH NOW, YES ON 3 & 40, NO ON 41 & 42

Selected Contributions TO: "Tax the Ultra-Rich Now, YES on 3 & 40, NO on 41 & 42" include:

  • Alan Davis
  • Excessive Wealth Disorder Institute
  • John Esler
  • William Connell
  • California Donor Table Issues Committee
  • Margaret Wallace
  • Raquel Sefton

No

CALIFORNIA PROPOSITION 40, ONE-TIME WEALTH TAX FOR STATE-FUNDED HEALTHCARE, EDUCATION, AND FOOD ASSISTANCE PROGRAMS INITIATIVE (2026)

This question is on the ballot in California as a combined initiated constitutional amendment and state statute on November 3, 2026.

Committees formed to OPPOSE the "One-Time Wealth Tax for State-Funded Healthcare, Education, and Food Assistance Programs Initiative (2026)" are:

NO ON PROP 40 - DOCTORS, TEACHERS, SMALL BUSINESSES, WORKING FAMILIES AND PUBLIC SAFETY AGAINST THE RECKLESS WEALTH TAX EXPERIMENT

Selected Contributions TO: "No on Prop 40 - Doctors, Teachers, Small Businesses, Working Families, and Public Safety Against the Reckless Wealth Tax Experiment" include:

  • Building a Better California
  • California Medical Association
  • California Primary Care Association Advocates
  • Stop the Squeeze - No on Prop?40

GOLDEN STATE PROMISE - NO ON PROP 40

Selected Contributions TO: "Golden State Promise - No on Prop 40" include:

  • Chris Larsen
  • Ripple Labs
  • California Business Roundtable Issues PAC

STOP THE SQUEEZE

Selected Contributions TO: "Stop the Squeeze" include:

  • Daniel Tierney
  • Intersect USA, LLC - Michael Wheeler
  • Ronald Conway

CALIFORNIANS AGAINST TAX INCREASES

Selected Contributions TO: "Californians Against Tax Increases" include:

  • California Business Roundtable Issues PAC
  • California Business Properties Association Issues PAC

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