Prop 40

Imposes One-Time Tax on Certain Taxpayers

initiative constitutional amendment and statute

Official Summary

Imposes 5% tax on certain taxpayers with assets over $1 billion; revenue primarily for health care. Exempts revenues from constitutional requirements for school funding and spending limit.

Fiscal Impact: Temporary revenue increase of tens of billions of dollars spread over several years from wealth tax on billionaires. Possible ongoing decrease of less than $1 billion per year in income tax revenue from billionaires.

• Official CA Voter Guide Summary ; text of proposed law

• Legislative Analyst Office Analysis

• Show Me The Money

  • support: $32,213,823 - US Senator Bernie Sanders; SEIU United Healthcare Workers West

  • oppose: $99,596,279 - California Primary Care Association; California School Boards Association; California Taxpayers Association

• Ballotpedia Summary