The Proposition 40 Wealth Tax

On the November 3 ballot: a one-time tax of five percent of net worth on billionaires who were California residents on January 1, 2026, due in 2027, with a five-year spread at added cost. Real estate, pensions, and retirement accounts are generally excluded. The Legislative Analyst estimates tens of billions across several years; the $100 billion figure belongs to the proponents. The residency snapshot is already in the past, the constitutional questions are open, and no court has passed on any of them. For anyone near the threshold, the record of where they resided, and when, is now the fact that matters most.

Also on the watchlist