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California Voters Set to Decide $5% Billionaire Wealth Tax

By Drooid · Oct 21, 2026, 2:30 AM UTC · How we work

Summary

Story summary

California voters will decide Proposition 40, a one-time 5% billionaire wealth tax, in November.
The tax targets residents with net worth over $1 billion, about 200-250 people, payable in 2027.
Ninety percent of revenue will fund health care, while ten percent will support education and food assistance.
Supporters include Service Employees International Union – United Healthcare Workers West, California Democratic Party and ACLU of California.

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Story summary

California voters will decide Proposition 40, a one-time 5% billionaire wealth tax, in November.
The tax targets residents with net worth over $1 billion, about 200-250 people, payable in 2027.
Ninety percent of revenue will fund health care, while ten percent will support education and food assistance.
Supporters include Service Employees International Union – United Healthcare Workers West, California Democratic Party and ACLU of California.