Politics · October 9, 2026
Top Democrats and allies join the wealthiest to fight a California billionaire tax
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Neutral Summary
Proposition 40 is a California ballot measure proposing a one-time 5% wealth tax on billionaires to fund healthcare and education. While supported by progressive figures like Bernie Sanders and the SEIU, it faces significant opposition from a coalition including Governor Gavin Newsom, Planned Parenthood, the California Teachers Association, and wealthy tech donors. Opponents argue the tax will cause an exodus of high earners and destabilize the state budget, while supporters claim it is necessary to offset federal healthcare funding cuts.
Proposition 40 is a California ballot measure proposing a one-time 5% wealth tax on billionaires to fund healthcare and education. While supported by progressive figures like Bernie Sanders and the SEIU, it faces significant opposition from a coalition including Governor Gavin Newsom, Planned Parenthood, the California Teachers Association, and wealthy tech donors. Opponents argue the tax will cause an exodus of high earners and destabilize the state budget, while supporters claim it is necessary to offset federal healthcare funding cuts.