Californians vote on billionaire tax to replace federal cuts in healthcare funding
Summary
California voters are deciding whether to impose a one-time tax on the net worth of billionaires who live in the state. Proposition 40 would direct most of the revenue toward replacing federal healthcare funding cuts.Key Facts
- Proposition 40 would apply a one-time tax of 5% to Californians with a net worth above $1 billion.
- The measure is on the ballot Tuesday, November 3, 2026.
- If approved, California could become the first U.S. state to tax billionaires’ net worth.
- Most of the tax revenue would go toward replacing federal cuts to healthcare funding.
- The proposal has divided liberal leaders nationally.
- The ballot campaign has become one of the most expensive in California history.
- The measure has prompted debate over whether billionaires would pay the tax or leave California.
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