2026 MIDTERM ELECTIONS | TUESDAY, NOVEMBER 3

California · Ballot measure · November 3, 2026

Proposition 40

Independent information project. Not an official government website.

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Statewide measures only. County, city, school-district and other local measures are not included, so this is not a complete personal ballot.

Imposes One-Time Tax on Certain Taxpayers.

Initiative constitutional amendment and statute · California (statewide) · Verified from official source

Official ballot information

From the California official election authority. Last verified 2026-10-17.

Official 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.
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.
Fiscal impact
Not listed in the source reviewed.
Official links
Official voter guide page
Full text of proposed law (PDF)
Legislative analyst's analysis

Ballot arguments

Short argument summaries printed in the official guide. They are submitted by the measure's proponents or opponents and are advocacy, not official findings.

In favor

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.

Argument summary submitted by proponents, as printed in the Official Voter Information Guide. Source

Against

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.

Argument summary submitted by opponents, as printed in the Official Voter Information Guide. Source

Official party recommendations

Democratic Party

Support

California Democratic Party (state level)

Official party source
Last checked 2026-10-17.

Republican Party

Oppose

California Republican Party (state level)

Official party source
Published 2026-04-29. Last checked 2026-10-17.

Official party recommendations are shown for information only. They are not the same as official ballot information, and Vote America does not endorse any measure or party.

Sources

Imported 2026-10-17T23:07:36Z. Provider: ca_sos.