Statewide ballot measure · Tuesday, November 3, 2026
Proposition 40: Imposes One-Time Tax on Certain Taxpayers. Initiative Constitutional Amendment and Statute.
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 a vote means
- A yes vote
- A YES vote on this measure means: The state would collect a one-time tax from billionaires equal to 5 percent of their wealth.
- A no vote
- A NO vote on this measure means: The state would not collect a one-time tax from billionaires equal to 5 percent of their wealth.
Sources
Measure summary
- Official Voter Information Guide, Proposition 40 (California Secretary of State, Public record)
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Candidate lists as of Wednesday, October 14, 2026.
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