California Proposition 40 — Imposes One-Time Tax on Certain Taxpayers
Ballot measure · November 3, 2026
- What it does
- Imposes one-time tax of up to 5% on certain taxpayers with covered assets valued over $1 billion; covered assets include businesses, securities, art, collectibles, and intellectual property, but exclude real property and some pensions and retirement accounts. Allocates 90% of these tax revenues for health care, 10% for food assistance or education-related programs; prohibits using revenues to replace existing funding for these purposes. Exempts such tax revenues from constitutional requirements for school funding, budget reserves, and state spending limit. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: Temporary state revenue increase from a new wealth tax on billionaires. These wealth tax revenues probably would add up to tens of billions of dollars spread over several years. Possible ongoing decrease of less than $1 billion per year in state income tax revenue collected from billionaires.
- A YES vote means
- The state would collect a one-time tax from billionaires equal to 5 percent of their wealth.
- A NO vote means
- The state would not collect a one-time tax from billionaires equal to 5 percent of their wealth.
- Needed to pass
- A simple majority
- Put on the ballot by
- citizen initiative
See every race and measure on your ballot in California, from your address. Your address stays in your browser.Look up my ballot
Also on California ballots
- Proposition 1 — Authorizes Bonds for Housing Affordability Programs
- Proposition 2 — Increases State’s Rainy Day Fund
- Proposition 3 — Provides Permanent Funding for Schools and Health Care by Extending Existing Tax on High Incomes
- Proposition 4 — Repeals Prohibition Against Public Funding of Election Campaigns
- Proposition 5 — Changes Recall Election Process for Statewide Officers
- Proposition 37 — Creates Loan Program for Middle-Income Buyers of Qualified New Homes
- Proposition 38 — Authorizes Bonds for Immunology Medical Research
- Proposition 39 — Prohibits Citizens from Voting Unless They Present Government-Issued Identification
- Proposition 41 — Prohibits New State Taxes That Exclude Revenues from State Spending Limit. Requires Audits for New State Special Taxes
- Proposition 42 — Prohibits New State Personal Property Taxes and Certain Retroactive State Taxes
- Proposition 43 — Limits Voters’ Ability to Raise Revenues for Local Government Services
- Proposition 44 — Requires Community Health Clinics Spend 90% Of Revenue on Program Services
- Proposition 45 — Modifies Environmental Review for Certain Projects
Quick answers
- What does a YES vote on California Proposition 40 mean?
- The state would collect a one-time tax from billionaires equal to 5 percent of their wealth.
- What does a NO vote on California Proposition 40 mean?
- The state would not collect a one-time tax from billionaires equal to 5 percent of their wealth.
- How many votes does California Proposition 40 need to pass?
- A simple majority
- Should I vote yes or no on California Proposition 40?
- SpectrumVote doesn't endorse anyone or tell you how to vote. Read what a YES and a NO vote each do, and the official text, then decide based on what you want to happen.
- When is the vote?
- The general election is Tuesday, November 3, 2026. Early voting and mail-ballot deadlines vary by state; check your state or county election office.