Prop. 40 would institute a one-time 5% tax on the wealth of billionaires to raise tens of billions in temporary revenue to address the loss of federal funding and other threats to health, nutrition, and education services…
— California Budget & Policy Center, August 2026
The Budget Center is nonpartisan and takes no position on ballot measures. It lays out the case and the concerns, including how Props 41 and 42 could block Prop 40 even if it passes.
Billionaire Tax Explained: What Proposition 40 Would Mean for California →