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Elections Simplified

Proposition 40: One-Time Tax on Certain Individuals and Trusts

Unofficial result: Failed

Source: electionresults.sos.ca.gov

California
My vote power: Above average

What does this measure do?

Supports: Healthcare Affordability, Reduce Wealth Gap, Social Programs and Welfare

California would charge billionaires a one-time 5% tax on wealth other than real estate and retirement savings. Non-billionaires pay nothing; 90% of the tens of billions raised over several years funds public health care, and the state could lose under $1 billion a year in income tax.

Read the official ballot measure (PDF)

Proposed by: Citizen initiative sponsored by SEIU-United Healthcare Workers West (health care workers union)

A union of about 120,000 health care workers led by Dave Regan. It wants the one-time tax on billionaires to replace federal Medi-Cal cuts. Democrats are split on it.

Source: kqed.org

A YES vote means

California billionaires would owe a one-time 5% wealth tax, mostly for public health care. It could still be blocked if Proposition 41 or 42 gets more yes votes than it does.

A NO vote means

California would not collect this one-time wealth tax or create its required spending funds.

Campaign Finance Information

Campaign Finance Information

Largest donors supporting

  • Service Employees International Union, United Healthcare Workers WestHealthcare workers union$22,048,461
  • SEIU United Health Care Workers West Political Issues CommitteeHealthcare workers union committee$7,399,506
  • SEIU United Health Care Workers West Political Action CommitteeHealthcare workers union committee$2,000,000

Some of this money went to groups that also work on other measures.

Largest donors opposing

  • Building a Better CaliforniaPolitical committee funded by tech investorsIts top donors: Sergey Brin (Google co-founder); L. John Doerr III (venture capitalist); Patrick Collison (CEO of payments company Stripe)$41,500,000
  • Ripple LabsCryptocurrency company$5,000,000
  • Chris LarsenCo-founder of cryptocurrency company Ripple$5,000,000
  • California Business Roundtable Issues PACBig-business lobbying group's committeeIts top donors: Peter Thiel (investor, PayPal co-founder); Kim DeGeorge (Los Angeles; not employed, per filing)$450,000
  • California Primary Care Association AdvocatesCommunity health clinics association$100,000

Filings as of September 16, 2026 · Source: fppc.ca.gov

Sources: sos.ca.gov · lao.ca.gov