California Prop 40: The latest election results for billionaire tax
Attendees cheer during a "Ballots Over Billionaires" wealth tax rally with former San Francisco Supervisor Jane Kim, Sen. Bernie Sanders, I-Vt., and Rep. Ro Khanna, D-Calif., in San Francisco on Oct. 3, 2026.
TL;DR
- Proposition 40, a one-time 5% wealth tax on individuals worth over $1 billion, is currently trailing in California's election results.
- Two competing measures, Proposition 41 and Proposition 42, aim to block or significantly alter Proposition 40, with Proposition 42 leading in early returns.
- The billionaire tax is intended to backfill billions in federal healthcare funding cuts and would also support public education and food assistance programs.
- The measure is supported by healthcare unions and some Democratic politicians like Rep. Ro Khanna and Sen. Bernie Sanders, while opposed by others, including Gov. Gavin Newsom.
- Opponents, largely funded by billionaires like Sergey Brin, argue the tax will harm the state's economy and drive away wealthy individuals and companies.
- If Proposition 40 passes, its fate could still be determined by the outcome of Propositions 41 and 42, as conflicting measures that pass can be decided by which receives more 'yes' votes.