Ballot Stakes · Nov 3, 2026 · Irvine, CA
Prop 40: One-time 5% tax on billionaires for health care, education and food aid
One-time 5% tax on the net worth of about 200 California billionaires; 90% must go to health care. Could be nullified by Prop 41 or 42.
A Yes vote means
State collects a one-time tax of 5% of net worth from billionaires who were California residents on Jan 1, 2026.
A No vote means
No new one-time tax on billionaires.
Who pays: almost entirely billionaires pay. Whose pocket it lands in: mostly ends with poor and middle class.