Quick Guide to Propositions
Imposes One-Time Tax on Certain Taxpayers. Initiative Constitutional Amendment and Statute.
Imposes One-Time Tax on Certain Taxpayers. Initiative Constitutional Amendment and Statute.
Summary
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. Supporters: US Senator Bernie Sanders; SEIU United Healthcare Workers West Opponents: California Primary Care Association; California School Boards Association; California Taxpayers Association
Money Raised
Chart depicts total fundraising by all committees primarily formed for and against Prop 40.Totals are updated daily with contributions from Power Search 
and adjustments from the most recent Political Reform Division analysis.
Largest Contributions
Showing the 10 largest contributions to committees formed primarily for and against Prop 40 in the election cycle when it appeared on the ballot. Contributions in earlier election cycles and contributions between allied committees are excluded. For more information on funding for ballot measure campaigns, visit the Power Search campaign finance search engine.
Yes on Prop 40
03/10/2026
04/30/2026
02/12/2026
01/28/2026
03/24/2026
03/18/2026
03/19/2026
03/20/2026
03/30/2026
03/31/2026
No on Prop 40
09/11/2026
09/04/2026
08/20/2026
08/28/2026
02/05/2026
02/11/2026
08/04/2026
06/18/2026
02/17/2026
11/17/2025
What your vote means
Yes
A YES vote on this measure means: The state would collect a one-time tax from billionaires equal to 5 percent of their wealth.
No
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.
More on Proposition 40
For background on Proposition 40, an analysis by the legislative analyst, endorsements for and against the measure, and more...
- Read the California Voter Information Guide.
Arguments
Pro
Vote YES on 40 to tax billionaires. Trump slashed healthcare funding to pay for billionaire tax breaks, eliminating coverage for over a million Californians and doubling health insurance premiums for millions more. It’s time to make billionaires pay their fair share and stop sticking the middle class with the bill.
Con
Prop. 40 is a flawed, one-time tax scheme that hurts our economy, damages our state budget, and contains a loophole exposing all Californians to taxes we can’t afford—but does nothing to lower healthcare costs. No safeguards, no accountability. Join California Teachers Association, California Medical Association, California Children’s Hospital Association, California Professional Firefighters, State Building and Construction Trades Council of California, Democrats and Republicans: NO on 40.
Campaigns
For
- Suzanne Jimenez
SEIU-UHW - 5480 Ferguson Drive
Los Angeles, CA 90022 - (855) 507-7562 info@YesOn40.com
- www.yeson40.com
Against
- Californians to Protect Funding
for Schools, Healthcare and
Public Safety Info@VoteNoOn40.org - VoteNoOn40.org