Election 2026 California Billionaires Tax
Supporters listen to Sen. Bernie Sanders, I-Vt., during a campaign rally in support of California Proposition 40, known as the billionaire tax, in Los Angeles, Monday, Oct. 5, 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.
