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Proposition 40
Proposition 40
California · November 3, 2026
What this measure does
Levy a one-time 5% tax on the accumulated wealth of taxpayers and trusts with covered assets valued over $1 billion to fund state health care programs, food assistance programs, and public education
A yes vote means
Very wealthy people and large trusts pay a one-time 5% tax on assets over $1 billion, with the money going to health care, food assistance, and education.
A no vote means
This wealth tax is not enacted and none of these new funds are collected for health care, food assistance, or education programs.
Simple explanation
Imagine your neighbor has accumulated over a billion dollars in stuff like stocks, real estate, and investments. This measure would ask them to pay a one-time bill of 5% on that wealth to help pay for hospitals, food stamps, and schools. It's like a one-time tax on people with really large fortunes.
Who's for it, who's against it
Support
- Alex Skopic, associate editor of Current Affairs
- California Democratic Socialists of America
- California Superintendent of Public Instruction and gubernatorial candidate Tony Thurmond (D)
- SEIU-UHW
- Suzanne Jimenez, chief of staff for SEIU-UHW
- Teamsters California
- Tom Steyer (D) - Gubernatorial candidate
- Tony Thurmond, California Superintendent of Public Instruction and gubernatorial candidate
- UNITE HERE Local 11
- U.S. Rep. Ro Khanna (D)
- U.S. Rep. Ro Khanna (D-17)
- U.S. Sen. Bernie Sanders (I)
- U.S. Sen. Bernie Sanders (Independent)
Opposition
- Aaron Withe, chief executive officer of the Freedom Foundation
- California Business Roundtable
- California Council for Affordable Housing
- California Housing Consortium
- California Medical Association
- California Primary Care Association
- California Teachers Association
- California YIMBY
- Former Los Angeles Mayor and Speaker of the California Assembly Antonio Villaraigosa (D)
- Former State Rep. Ian Charles Calderon (D)
- Former United States Secretary of Health and Human Services Xavier Becerra (D)
- Gov. Gavin Newsom (D)
- Gubernatorial candidate and former U.S. Rep. Katie Porter (D)
- Housing Action Coalition
- Jack Guidi from Americans for Tax Reform
- Jon Hartley, a policy fellow at the Hoover Institution, and Arthur Laffer, president of Laffer Associates
- Peter Thiel - Co-founder and former CEO of PayPal
- Planned Parenthood Affiliates of California
- Planned Parenthood Affiliates of California President Jodi Hicks
- Reid Hoffman - LinkedIn Co-founder
- Ron Conway - Venture capitalist
- San Francisco Mayor Daniel Lurie (Nonpartisan)
- State Building and Construction Trades Council of California
- Steve Hilton (R) - Gubernatorial candidate
- U.S. Rep. Kevin Kiley (R)
Source: Ballotpedia