The state would collect a one-time tax from billionaires equal to 5 percent of their wealth.
PROP40
California · November 3, 2026 · upcoming
IMPOSES ONE-TIME TAX ON CERTAIN TAXPAYERS.
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.
What your vote means
Yes or No, in the state's words
The state would not collect a one-time tax from billionaires equal to 5 percent of their wealth.
What the state says it may cost or change
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.
Read the full analysis
The Quick Reference Guide does not publish a separate current-law sentence for this proposition. Election.org does not infer one. The Legislative Analyst's analysis in the official proposition PDF explains the baseline law.
Open official analysis ↗Qualified through petition signatures
The official guide labels this measure as put on the ballot by Petition Signatures. This is a source classification, not an Election.org judgment.
Not available before Election Day
This election is upcoming. Election.org will not show a blank or zero as a result.
Attributed positions
Who the official quick guide lists
US Senator Bernie Sanders; SEIU United Healthcare Workers West
California Primary Care Association; California School Boards Association; California Taxpayers Association
Arguments are the opinions of their authors and have not been checked for accuracy by an official agency.