2026 California Proposition 40

All right.

Proposition 40.

This is the ballot measure in California that would levy, in theory, a one-time levy on billionaires.

A couple of unions are for it.

At the top of the ticket is the race for the state's next governor.

But the political headwinds are going more in the direction of one ballot measure, Proposition 40.

It's asking voters whether California's billionaires should be subject to a one-time wealth tax.

The latest polling shows Prop 40 has a slim lead, but its path to victory is complicated by two competing ballot measures.

For years, labor's had a major influence on California politics.

This election cycle, nothing has divided unions more than Proposition 40, the wealth tax or billionaire's tax, if you prefer.

Yeah, and ABC7 Eyewitness News political reporter Monica Madden takes us inside the fight.

Newsom, Becerra, and Hilton are all voting no.

Moines and Chicago, and the flood threat will then shift eastward, impacting the Ohio Valley and the Northeast.

Supporters of Proposition 40 in California say they've won another major endorsement just ahead of the November election.

Sharon Reardon

reports.

On Thursday, the Los Angeles County Democratic Party announced its endorsing Proposition 40, also known as the billionaire tax.

Their endorsement follows backing from the California Democratic Party, the California Federation of Labor and dozens of other Democratic organizations, unions and community groups.

Should it pass in November, Prop 40 would impose a one-time tax of up to 5% on taxpayers with more than $1 billion in covered assets, with most of the money going toward health care.

California's war on wealth.

Is the progressive dream of wealth taxes soon to become a fiscal and economic nightmare? Voters are poised to consider Proposition 40 and a one-time five percent tax on the holdings of the Golden State's billionaire class.

Senior fellow Joshua D. Rau joins Goodfellows to discuss his research on the likely impacts of the proposed measure.

Should California voters approve Prop 40 in November, Rau and his team say the fiscal consequences for the state are not pretty.

currently constitutionally questionable.

But this ballot measure, I think, would would would would make it abundantly clear that And I think that the idea of being right, if Proposition 43 gets more votes, let's just say Proposition 40 were to pass, but Proposition 43 were to get more votes than Proposition 40? 42, yeah.

42, right.

No, not than 42.

That's right.

Proposition 40 would provide the funding to backfill all of those things and prevent them from happening for the next five years.

So there's so much I want to ask about this.

It's so inspiring.

So what are the commercial insurance companies doing? They're raising premiums, deductibles, and co-pays for everybody who's getting their insurance on the commercial market or through their job.

Just two days ago, the New York Times reported that nationally, in 2027 health care premiums are projected to rise 11 across the country that's the baseline and so when you are facing an 11 insurance increase largely driven by the big bill which provided tax breaks yet again to the wealthiest americans you're going to get lower pay increases or no pay increase and you're going to face higher monthly costs as your share of the health insurance premium higher deductibles, higher copays.

I think it's literally fair to say that in a state like California, when you combine the people who are going to lose insurance with the people who are facing layoffs, plus the number of consumers who are going to face double digit increases, you're talking about easily 30 million people easily in the state of California who are going to pay for this unless we pass Proposition 40.

So let me ask a few specific questions that'll make our Fox News loved ones angry because those folks are groomed to believe billionaires are the real victims here.