California Voters Weigh Historic 5% Wealth Tax On Billionaires

California voters are deciding whether to introduce a one-time 5% wealth tax on individuals worth more than $1 billion, potentially making the state the first in the US to adopt such a measure.

Proposition 40 aims to offset federal healthcare funding reductions. Supporters, led by SEIU United Healthcare Workers West, estimate California could lose $100 billion in federal healthcare funding over five years.

Opponents, backed by technology executives and venture capitalists, have raised more than $333 million, approximately ten times the supporters' funding.

A mid-October Public Policy Institute poll found 52% of likely voters opposed the proposal. Competing ballot measures could also prevent its implementation, even if voters approve the tax.

Related Tweet:

California could become the first state in the nation to tax the net worth of billionaires. https://t.co/rhfL675kGb

— NBC Bay Area (@nbcbayarea) November 3, 2026

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tippinsightsTIPP Staff