California Prop 40: One-Time 5% Wealth Tax on Billionaires

Prop 40 is on California's Nov 3, 2026 ballot. It would place a one-time 5% tax on the net worth of state residents worth more than $1 billion, an estimated 200 to 250 people, and the money would go mainly to health care. Supporters, led by SEIU-United Healthcare Workers West, say it would make up for federal health-care cuts; backers estimate it would raise about $100B. Opponents, including Gov. Newsom, say billionaires would leave the state and that wealth is hard to value. Competing Props 41 and 42 could cancel it if they get more yes votes.

Sources: CNBC (Oct 22, 2026); CA Secretary of State Quick Guide; Yea Or Nay Instagram poll