California Tax Rally
California insurance commissioner candidate Jane Kim speaks during the "Ballots Over Billionaires" wealth tax rally at the Curran Theatre in San Francisco, Saturday, Oct. 3, 2026.
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A California measure to tax the net worth of billionaires was too early to call Wednesday morning as the vote tally continued. Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Most of the revenue would be used to backfill federal funding cuts for healthcare. Proponents of the measure are framing it as a monumental step toward reining in deep wealth inequality. But opponents say it will drive the state's wealthiest and their tax money out of the state. It is one of the most expensive ballot fights in state history.
