California Prop 40 seeks 5% net worth tax funding healthcare

World Oct 24, 2026

California is about to vote on Proposition 40, which would slap a 5% tax on the net worth of more than 200 billionaires, including big names like Oprah Winfrey and Mark Zuckerberg.

The idea is to raise $100 billion to help cover gaps in federal health care funding, with voting set for November 2026.

Backers, critics clash over Prop 40

Supporters say it is time billionaires pay their fair share and help close the wealth gap.

Sen. Bernie Sanders and NVIDIA's Jensen Huang are backing the move.

But critics worry the tax could push wealthy people out of California, hurting state revenue even more.

Polls show voters are split, reflecting bigger questions about economic inequality across the state.