[REVISION HISTORY]

California Proposition 40 billionaire tax debate

Updated 21 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-26 12:34 UTC → 2026-10-26 18:40 UTC · added ~~removed~~

California’s Proposition 40, a proposed one-time 5% tax on the net worth of billionaires, has qualified for the November 2026 ballot. Sponsored by SEIU-United Healthcare Workers West, the measure targets approximately 200 residents with net worths exceeding $1 billion, aiming to direct 90% of the estimated $100 billion revenue to healthcare—specifically to offset federal funding cuts to Medi-Cal—and 10% to education and food assistance. Public support has tightened, with recent polling showing a narrow lead of 45% to 42% opposition. ~~The measure faces~~ However, a ~~complex legal landscape where, under California law, if multiple ballot initiatives conflict, only the one with~~ significant generational divide has emerged as the ~~largest margin~~ election approaches: while 76% of ~~victory prevails. Consequently, Proposition 40 faces significant opposition from billionaire-funded countermeasures, Propositions 41~~ likely voters aged 18 to 29 support the measure, support drops to 36% among those aged 55 and ~~42. Campaign finance reports show~~ older, making youth turnout a ~~massive resource disparity.~~ critical factor. The campaign has become one of the most expensive in state history. Opponents have raised over $300 million, supported by major donors including Google co-founder Sergey Brin, John Doerr, and Vinod Khosla. In contrast, supporters have raised between $32 million and $34 million. Brin has contributed over $100 million to opposition efforts, including the group Building a Better California. Concerns regarding wealth migration have intensified. Sergey Brin reportedly relocated his residency to Nevada in December to avoid the tax, following similar moves by figures like Larry Page and Elon Musk. While proponents view the tax as a way to address the wealth gap, ~~analysts~~ researchers from the Hoover Institution at Stanford University ~~suggest~~ estimate the ~~measure~~ tax could result in ~~long-run costs and~~ a long-run net ~~negative value for~~ loss of $39 billion due to billionaires leaving the state ~~if billionaires relocate to avoid~~ and the ~~levy.~~ resulting loss of income tax revenue.

Versions

Only revisions since CLSTR began indexing content versions appear here. Select a version to see what changed compared to the one before it.