Prop 40: One-Time Billionaire Wealth Tax

2026 California General Election — West Covina ballot measure research

What it does

Imposes a 5% one-time tax on California residents' assets over $1 billion.

Creates or opens door to future tax/obligation? Y — creates new 5% tax on assets over $1B

Research summary

Creates a new wealth tax. Revenue primarily directed to health care programs. High earners/asset holders could leave the state, affecting revenue predictability.

My Vote and Why

My Vote: No

Why: Too loosely guarded and will likely fail when challenged; Prop 42 will likely pass and cancel Prop 40 anyway.

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