# California voter tax proposals and election updates > Live situation record from CLSTR: https://clstr.news/situations/california-voter-tax-proposals > Updated: 2026-10-23T03:01:32.000Z. Sources: 44. Developments: 7. California voters are deciding on several tax measures for the November 3 general election. Proposition 3 seeks to make certain high-earner income tax rates permanent, extending rates scheduled to expire in 2031. Targeting income above a threshold currently set at $371,000 and adjusted annually for inflation, the measure is estimated to preserve between $5 billion and $15 billion in annual revenue. Supporters, including California Teachers Association President David Goldberg, argue the revenue is essential for healthcare, education, and the state’s general fund. Proposition 40, a proposed one-time 5% tax on the net worth of residents with at least $1 billion in assets, remains a highly contested issue. Sponsored by SEIU United Healthcare Workers West, the measure aims to raise roughly $100 billion to offset federal healthcare funding cuts, with 90% of revenue allocated to public healthcare and Medi-Cal. Recent Citrin Center-Politico polling shows a narrow margin, with 46% support and 43% opposition. Opposition from groups like ‘Building a Better California’ has exceeded $300 million. Reports indicate high-profile billionaires, including Sergey Brin, Larry Page, and Peter Thiel, have moved out of the state to avoid the tax, which would apply retroactively to January 1, 2026. A study by Stanford economists warns the measure could backfire; while it might generate $30 billion, the loss in annual income tax revenue from departing residents could exceed that windfall by approximately $39 billion. Governor Gavin Newsom also opposes the initiative. Newer analysis highlights potential corporate governance implications for tech leaders. SEC filings from Meta suggest that Mark Zuckerberg could face a multi-billion dollar liability under the proposal. Because the tax is based on ownership, Zuckerberg might be forced to sell Class B shares—which carry 10 votes each—to meet the tax obligation, potentially reducing his 61% voting control over the company. ## Claims - Proponents estimate the tax could generate $100 billion. (disputed by 7 sources) - Stanford economists estimate the tax may only collect about $30 billion. (disputed by 2 sources) - Proposition 40 would impose a one-time 5% tax on the net worth of billionaires residing in California on January 1, 2026 (corroborated by 9 sources) - The tax revenue would primarily fund healthcare programs (corroborated by 7 sources) - Approximately 90% of the tax proceeds would be used for healthcare funding. (corroborated by 6 sources) - Sergey Brin is a major donor to the opposition campaign (corroborated by 5 sources) - The California Legislative Analyst’s Office estimates the tax could generate tens of billions of dollars over several years (corroborated by 4 sources) - Opponents argue the tax could cause billionaires to leave California, resulting in a loss of future income tax revenue. (corroborated by 3 sources) ## Timeline ### 2026-10-23: California Proposition 40 wealth tax proposal California's Proposition 40 proposes a one-time 5% wealth tax on billionaires to fund healthcare and education, sparking debate over potential revenue gains versus the risk of wealthy residents leaving the much 2 sources. https://clstr.news/cluster/california-proposition-40-wealth-tax-proposal ### 2026-10-20: California Proposition 40 billionaire wealth tax faces economic scrutiny California's Proposition 40 proposes a one-time 5% wealth tax on billionaires to fund healthcare, but economists warn billionaire departures could lead to significant long-term revenue losses. 10 sources. https://clstr.news/cluster/california-multimillionaires-back-proposition-40-billionaire-tax ### 2026-10-18: California Proposition 40 billionaire wealth tax faces tight election race California's Proposition 40, a proposed 5% wealth tax on billionaires to fund healthcare, faces a tight race as wealthy residents move out of state, potentially undermining projected revenues. 8 sources. https://clstr.news/cluster/california-proposition-40-proposes-one-time-tax-on-billionaires ### 2026-10-15: California Proposition 40 billionaire wealth tax faces intense opposition California's Proposition 40, a proposed one-time 5% wealth tax on billionaires, faces a massive $340 million opposition campaign led by tech elites ahead of the November vote. 10 sources. https://clstr.news/cluster/california-proposition-42-aims-to-protect-retirement-savings ### 2026-10-10: California voters to decide on billionaire wealth tax in November California voters will decide on Proposition 40 in November, a proposed 5% one-time wealth tax on billionaires to fund healthcare, education, and food assistance. 4 sources. https://clstr.news/cluster/california-voters-to-decide-on-proposition-40-billionaire-wealth-tax ### 2026-10-04: California Proposition 40 billionaire tax faces intense debate California's Proposition 40 proposes a one-time 5% tax on billionaires to fund healthcare. Opponents warn of wealth exodus and economic loss, while supporters aim to offset federal funding cuts. 17 sources. https://clstr.news/cluster/california-proposition-40-billionaire-tax-faces-intense-political-battle ### 2026-09-06: California voters to decide on permanent high-earner income tax California voters will decide in November via Proposition 3 whether to make high-earner income tax rates permanent, a move estimated to preserve up to $15 billion in annual state revenue. 2 sources. https://clstr.news/cluster/california-voters-to-decide-on-permanent-high-earner-income-tax --- Cite as: California voter tax proposals and election updates. CLSTR, https://clstr.news/situations/california-voter-tax-proposals