California voters to decide on nation first wealth tax on billionaires

California voters will decide in November 2026 whether to enact the first wealth tax on billionaires in the United States, KFF Health News reported. Supporters of the proposed measure say the revenue would help cushion state programs against sweeping federal healthcare, education, and food assistance cuts enacted by President Donald Trump. [1][2]

Critics of the measure contend that the temporary influx of tax revenue represents a giveaway to politicians, according to KFF Health News. Questions also remain regarding how much total revenue the proposal will generate and how quickly those funds can be made available if voters approve it. [1]

The measure is formally named Proposition 40 and is also known as the California billionaire tax or California wealth tax. It is a combined initiated constitutional amendment and state statute appearing on the statewide ballot on November 3, 2026. [2]