What Proposition 40’s Billionaire Tax Would Mean for Your Ballot This November

A statewide ballot measure described as a billionaire tax is drawing both national campaign support and local opposition ahead of November’s election.

U.S. Senator Bernie Sanders is campaigning in California this weekend in support of Proposition 40, described as a one-time billionaire tax. Meanwhile, the Newport Beach City Council has taken a formal opposition position on the measure.

Voters will decide on Proposition 40 alongside three other statewide propositions: Proposition 39 (voter identification requirements), Proposition 41 (auditing new tax spending), and Proposition 42 (prohibiting new personal property taxes and retroactive taxation).

The Breakdown

• Proposition 40 is described as a “one-time” billionaire tax, though the specific rate and implementation details are not stated in the available material.
• The material does not specify the income or wealth threshold that would trigger the tax.
• Three other statewide propositions will also appear on November’s ballot: Proposition 39 (voter ID), Proposition 41 (audit requirements for new tax spending), and Proposition 42 (restrictions on new personal property and retroactive taxes).

What This Means for You

Your vote on Proposition 40 will help determine whether California imposes a one-time tax described as targeting billionaires.

The measure is part of a broader set of tax and fiscal accountability questions on this November’s ballot, each of which puts a different piece of California’s revenue and spending structure directly in voters’ hands.

What to Watch

A “one-time” tax is, by definition, not a permanent revenue stream. The material does not state the threshold — voters deciding this measure deserve to know exactly where that line falls before they vote.