Proposition 40: A measured look at the billionaire tax
Overview This article looks at what’s potentially good and bad about Proposition 40, “One-Time Wealth Tax for State-Funded Healthcare, Education, and Food Assistance Programs Initiative,” on the November 2026 ballot, and explains why it may be more difficult to implement than its proponents understand.[1] This is not the first wealth tax that has been proposed in the U.S., nor the first in California. Like other tax-the-rich proposals, Proposition 40 promises a lot ($100 billion for healthcare, food assistance, and education) — but nearly everything underneath that promise is still an open question. Can California actually collect the money, what would...


