
California Proposition 40 Explained: One-Time Billionaire Wealth Tax
Proposition 40 would impose a one-time tax on certain California residents with more than $1 billion in covered net worth. The LAO estimates tens of
Sherafy’s 2026 California Voter Guide brings our election research into one place, with clear recommendations and links to the full evidence behind each one.
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Proposition 40 would impose a one-time tax on certain California residents with more than $1 billion in covered net worth. The LAO estimates tens of

Proposition 41 is marketed as an accountability measure, but the constitutional text does two things: it mandates audits of programs funded by new special taxes

California Proposition 39 combines voter identification at every election with citizenship-record checks, yearly county reporting and state audits. A new Census Bureau analysis flags about

Proposition 37 would let CalHFA issue up to $25 billion in revenue bonds to offer qualifying buyers fixed-rate second mortgages of up to 17% of

Proposition 38 would authorize an $8.4 billion state general-obligation bond for immunology and immunotherapy research. Half is reserved for one qualifying nonprofit institute, and the

Proposition 4 does not create a campaign-financing program or immediately fund candidates. It removes California’s broad statutory ban and sets rules for future programs, while

Proposition 5 would separate the decision to recall a state official from the decision about who replaces that official. It would use existing vacancy rules

Proposition 3 keeps California’s existing 1%, 2% and 3% high-income tax increments after their scheduled 2030 expiration. The revenue is substantial but volatile, and claims

Proposition 2 would expand California’s rainy-day fund rules, but it does more than double the reserve cap. It also extends and broadens debt payments, changes

Proposition 1 would finance affordable rental housing, preservation, homeownership, infrastructure and veterans’ loans. The central tradeoff is whether expected housing benefits justify decades of General