California voters decide on proposed one time tax for billionaires

Voters in California are casting ballots on Tuesday on a measure to impose a one-time tax on billionaires. France 24 reported that revenue from the proposed tax is intended to fund the state healthcare system. [1]

The measure, known as Proposition 40 or the California wealth tax, appears on the November 3, 2026, ballot as a combined initiated constitutional amendment and state statute. As FTMQ News reported earlier, Proposition 40 proposes a one-time five percent surtax on billionaire wealth in the state. [2][3][4]

The proposal has drawn significant pushback leading up to the vote. FTMQ News previously reported that more than 100 economists, including four Nobel laureates, signed a warning that the tax is driving wealthy residents out of the state. A Stanford University study showed seven billionaires controlling nearly 540 billion dollars cut ties with California, including car loan titan Don Hankey, who relocated to Las Vegas in December. [3]

Opponents of the measure span a broad political spectrum. As FTMQ News reported earlier, both California Governor Gavin Newsom and state Republicans oppose the ballot measure, which comes as California recorded a gross domestic product of 4.1 trillion dollars in 2025. [4]