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California Prop. 40 Faces Tight Vote Ahead of Nov. 2026

By Drooid · Oct 31, 2026 · How we work

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Summary

Voters in California, Rhode Island, Massachusetts and Hawaii will decide on statewide ballot measures on Nov. 3, 2026.
California Proposition 1 would authorize up to $11.25 billion in bonds for rentals, veteran mortgages and down-payment assistance.
Proposition 40 proposes a 5 % tax on residents with net worth over $1 billion, sending 90 % of revenue to health care.
A Public Institute of California poll on Oct. 28 showed 52 % of voters opposed billionaire tax and 46 % supported it.

History

State attempts to tax high earners have accelerated since the 2020s. Washington enacted a 9.9% surcharge on household income above $1 million in March 2026, signed by Governor Bob Ferguson, and projects over $3.5 billion annually for public-defense and tax credits. California’s current ballot proposals reflect the same revenue-raising momentum at the state level.

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State attempts to tax high earners have accelerated since the 2020s. Washington enacted a 9.9% surcharge on household income above $1 million in March 2026, signed by Governor Bob Ferguson, and projects over $3.5 billion annually for public-defense and tax credits. California’s current ballot proposals reflect the same revenue-raising momentum at the state level.

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