Proposition 40: Imposes One-Time Tax on Certain Taxpayers. Initiative Constitutional Amendment and Statute.

California · initiative constitutional amendment and statute · on the November 3, 2026 ballot. The ballot wording and the arguments for and against from the state’s official voter guide, in the state’s own words, each read the same way for rhetorical techniques. We don’t recommend a vote.

On the ballot

no rhetorical technique found

IMPOSES ONE-TIME TAX ON CERTAIN TAXPAYERS. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Imposes 5% tax on certain taxpayers with assets over $1 billion; revenue primarily for health care. Exempts revenues from constitutional requirements for school funding and spending limit.

Fiscal Impact: Temporary revenue increase of tens of billions of dollars spread over several years from wealth tax on billionaires. Possible ongoing decrease of less than $1 billion per year in income tax revenue from billionaires.

Supporters: US Senator Bernie Sanders; SEIU United Healthcare Workers West Opponents: California Primary Care Association; California School Boards Association; California Taxpayers Association

From elections.cdn.sos.ca.gov. Checked 2026-10-20. Confirm with your official ballot (sample-ballot lookup).

Argument for

By Suzanne Jimenez, Chief of Staff, SEIU-United Healthcare Workers West; Victoria Barron, Patient Access Specialist, Planned Parenthood of Pacific Southwest; Denise Robb, Ph.D., Member of American Federation of Teachers, Local 1521, Los Angeles College Faculty Guild

Loaded LanguageBlack-and-White FallacyScapegoatingAppeal to FearName CallingBandwagon AppealCard Stacking

YES ON PROP. 40 TO TAX BILLIONAIRES

Trump’s “Big, Ugly Bill” slashed funding for healthcare in California to pay for more billionaire tax breaks, eliminating coverage for over a million Californians and doubling health insurance premiums for millions more. Vote YES on Prop. 40 to make billionaires finally pay their fair share in taxes and stop sticking the middle class with the bill.

Loaded Language · “Big, Ugly Bill”, “slashed funding”, “stop sticking the middle class with the bill”, “finally pay their fair share” — Emotionally charged wording like 'slashed' and 'Big, Ugly Bill' frames the legislation negatively rather than neutrally.

FUND HEALTHCARE, NOT BILLIONAIRE TAX BREAKS

Black-and-White Fallacy · “FUND HEALTHCARE, NOT BILLIONAIRE TAX BREAKS” — Presents funding healthcare and billionaire tax breaks as the only two mutually exclusive options, ignoring other budget choices.

Prop. 40 makes approximately 200 California billionaires pay a modest, one-time tax on their global wealth to keep local hospitals and ERs open and healthcare affordable for millions of Californians.

It will raise about $100 billion to replace the funding Trump and his billionaire donors took from working people to line their pockets. The funds will go to life-saving medical care for seniors, veterans, and families. It will allow millions of Californians to keep their health insurance and not see their premiums skyrocket. It will prevent mass teacher layoffs in our public schools and keep children fed through food assistance programs.

Loaded Language · “took from working people to line their pockets”, “life-saving medical care”, “not see their premiums skyrocket” — Frames funding cuts as theft to enrich donors using emotionally charged wording.

Scapegoating · “Trump and his billionaire donors took from working people” — Blames Trump and 'his billionaire donors' as a group for taking funds from working people, a broad framing based on group membership.

Appeal to Fear · “prevent mass teacher layoffs in our public schools and keep children fed” — Evokes the threat of mass layoffs and hungry children to build support.

BILLIONAIRES SHOULD PAY THEIR FAIR SHARE

You pay your taxes out of every paycheck, but billionaires pay much lower rates than working families. They insist on paying less, even as they get bigger and bigger tax breaks.

Prop. 40 enacts a one-time tax paid ONLY by Californians worth more than $1 billion, a small group of people who together hold $2 trillion in wealth—most of which will never be taxed due to loopholes that favor the ultra-wealthy.

Billionaires amassed their extreme wealth on the backs of the middle class, and we have a chance to make them pay their fair share so WE aren’t stuck paying more for healthcare.

Scapegoating · “Billionaires amassed their extreme wealth on the backs of the middle class” — Blames billionaires as a class for the middle class's broad financial and healthcare burdens, based on group membership rather than specific actions.

Loaded Language · “on the backs of the middle class”, “extreme wealth” — Emotionally charged phrasing frames wealth as exploitation and sets up an us-versus-them reaction.

BERNIE SANDERS SUPPORTS PROP. 40

U.S. Senator Bernie Sanders strongly supports voting YES on Prop. 40, even if some politicians in Sacramento are protecting billionaires over working people.

Loaded Language · “protecting billionaires over working people” — Framing opponents as 'protecting billionaires over working people' uses emotionally charged us-versus-them language rather than facts.

“The idea that [billionaires] are saying it’s ok for children to die, for people not to get the healthcare they need, that they’re going to punish the people of California—it’s outrageous.” —U.S. Senator Bernie Sanders.

DON’T BELIEVE THE BILLIONAIRES’ LIES

Loaded Language · “BILLIONAIRES’ LIES” — The word 'LIES' is emotionally charged and casts billionaires as deceivers without presenting any specific facts.

Name Calling · “THE BILLIONAIRES’ LIES” — Labels an entire group (billionaires) as liars to discredit them rather than addressing any specific argument.

A small group of morally bankrupt billionaires is spreading lies about Prop. 40, because they want working people to foot the bill for their tax breaks.

Loaded Language · “morally bankrupt billionaires”, “spreading lies” — Emotionally charged moral condemnation ('morally bankrupt', 'spreading lies') is used instead of addressing the arguments.

Name Calling · “morally bankrupt billionaires” — Derogatory labeling of opponents as 'morally bankrupt' liars discredits them rather than rebutting their claims.

Google founder and Trump donor Sergey Brin’s wealth has DOUBLED to nearly $300 billion since Trump’s election. Now he’s spent over $57 million to oppose Prop. 40. He’d rather millions of Californians lose healthcare than pay his fair share in taxes.

Loaded Language · “DOUBLED”, “He’d rather millions of Californians lose healthcare than pay his fair share in taxes” — Capitalised 'DOUBLED' is used for emotional emphasis on wealth growth rather than neutral reporting.

Black-and-White Fallacy · “He’d rather millions of Californians lose healthcare than pay his fair share in taxes” — Presents the issue as a binary between people losing healthcare or him paying taxes, ignoring other motives or options.

Billionaires like Brin have bought and paid for some corrupt politicians and organizational leaders to also oppose Prop. 40—but actual teachers, Planned Parenthood workers, nurses, and union members support it. Those opposing Prop. 40 have not put forth any viable solution to replacing the funding Trump took from us.

Loaded Language · “bought and paid for some corrupt politicians” — Emotionally charged accusation of bought, corrupt politicians is used to discredit opponents.

Bandwagon Appeal · “actual teachers, Planned Parenthood workers, nurses, and union members support it” — Suggests the measure is right because groups of ordinary, respected people support it.

Card Stacking · “have not put forth any viable solution to replacing the funding Trump took from us” — Dismisses all opponents as having no viable solution, ignoring any counterarguments.

Of course these billionaires and their puppets don’t want a billionaire tax, but you should—because someone has to pay, and working people are already paying enough for healthcare.

Name Calling · “their puppets” — Labels opponents of the tax as 'puppets' of billionaires to discredit them rather than answering their arguments.

Black-and-White Fallacy · “someone has to pay, and working people are already paying enough for healthcare” — Frames funding as only 'someone has to pay' with either billionaires or working people paying, ignoring other options.

SAVE LIVES. TAX BILLIONAIRES.

Black-and-White Fallacy · “TAX BILLIONAIRES.” — Pairs 'save lives' with taxing billionaires as if taxing them were the only way to save lives, which implies a binary choice.

From voterguide.sos.ca.gov, the official voter guide.

Argument against

By René Bravo, M.D., President, California Medical Association; Francisco Silva, CEO, California Primary Care Association; Dr. Debra Schade, President, California School Boards Association

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No on 40—FLAWED WEALTH TAX “EXPERIMENT” HURTS ALL CALIFORNIANS

Prop. 40 is a poorly designed tax scheme that will damage our economy and cost our state budget billions of dollars—without doing anything to lower healthcare costs for Californians.

This measure is a one-time tax that only provides temporary funds. When the money runs out, the politicians will be back with yet another tax.

PROP. 40 WILL COST CALIFORNIA $25 BILLION IN LOST REVENUE FOR HEALTHCARE, EDUCATION

A study by Stanford University economists found the tax will cost California $25 billion as the tax drives companies and wealthy residents out-of-state.

These residents create new businesses, drive our economic growth and already pay nearly half the income taxes that fund state programs. If they leave, it will create a huge hole in our budget, threatening core services like education, healthcare and public safety or forcing other taxpayers to make up the difference.

California’s DOCTORS, HOSPITALS AND CLINICS OPPOSE PROP. 40 because the lost funding will endanger patients’ access to healthcare. “Prop. 40 doesn’t help the need for stable healthcare funding.

Prop. 40 makes it worse.”—Jodi Hicks, President and CEO, Planned Parenthood Affiliates of California

PROP. 40 IS WRITTEN TO GIVE POLITICIANS NEW POWER TO EXPAND THE TAX

Prop. 40 isn’t just a “billionaire tax.” The special interests behind the measure wrote it to give the State Legislature power to amend the measure—without voter approval.

Independent legal analysis found Prop. 40 opens the door to expanding the tax to the assets of ALL Californians—to your savings, home equity and even retirement funds. www.ReadltForYourself.org

PROP. 40 TAXES RETIREMENT ACCOUNTS FOR THE FIRST TIME

Prop. 40 would be the first in California history to tax retirement accounts—a dangerous precedent. If it passes, it will inevitably be expanded to tax more Californians’ retirement savings.

PROP. 40 IS A RECIPE FOR MORE WASTEFUL SPENDING

State government spending is up 79% since 2019, without delivering better results on key issues like crime, housing and homelessness. But Prop. 40 includes no accountability, transparency or oversight provisions to ensure funds are spent as intended.

Instead, Prop. 40: • Exempts itself from voter-approved constitutional protections for schools, shortchanging classrooms over $3 billion annually. www.ProtectCaliforniaSchools.org • Exempts itself from the voter-approved state spending limit, including its requirement that excess revenues get returned to taxpayers. • Includes no safeguards to prevent billions from going directly to health insurance companies and CEOs.

AUTHORS ADMIT THE ONE-TIME TAX IS AN EXPERIMENT

The French economists who co-authored Prop. 40 have unsuccessfully proposed wealth taxes in France and the European Union that were rejected due to economic concerns. They call Prop. 40 “an experiment” that may backfire but say “California is the ideal place to test their idea.”

We shouldn’t risk California’s future on a costly economic experiment. www.WhoWroteProp40.org

PROP. 40 IS OPPOSED BY LABOR AND BUSINESS, DEMOCRATS AND REPUBLICANS, TEACHERS AND FIREFIGHTERS

Prop. 40 is opposed by Governor Gavin Newsom, the Democratic and Republican candidates for governor, and the following organizations: California Teachers Association, Planned Parenthood Affiliates of California, California Children’s Hospital Association, State Building and Construction Trades Council of California, California Conference of Carpenters, California Professional Firefighters, California Asian Pacific Chamber of Commerce, California Council for Affordable Housing, California Taxpayers Association, California Chamber of Commerce, California Hispanic Chambers of Commerce

Join us and vote no on this flawed tax scheme.

Visit www.VoteNoOn40.org for more information.

From voterguide.sos.ca.gov, the official voter guide.

Who’s behind it

Party positions: California Democratic Party: Yes · California Republican Party: No · Green Party of California: Yes · Libertarian Party of California: No · Peace and Freedom Party: Yes

Committees registered to support or oppose Proposition 40, and what they reported to Cal-Access (California Secretary of State). Checked 2026-10-20.

Before comparing the sides: each committee’s figures come from its own latest report, so they can cover different dates. Some committees work on more than one measure or other campaigns, and their totals include all of it. A side with no registered committee can still have supporters. How much a side raised says nothing about whether the measure is a good idea.

Supporting

Yes on 40 - Billionaire Tax Now ? No on 41 & 42, Sponsored by Service Employees International Union - United Healthcare Workers West

Ballot measure committee, sponsored by SEIU United Healthcare Workers West (as stated in the registered committee name) · California payments to party committees since Jan 1, 2025: $3,500 to Democratic and $0 to Republican (Cal-Access)

Raised $31,862,431 · spent $37,160,374 · as reported through Sep 19, 2026

Largest contributors as filed:

  • Service Employees International Union, United Healthcare Workers West Nonprofit 501(c)(5) · $22,067,899
    Labor union
  • SEIU United Health Care Workers West Political Issues Committee · $7,508,431
    Political action committee, sponsored by SEIU United Healthcare Workers West · California state contributions since Jan 1, 2025: $301,000 to Democratic and $0 to Republican candidates and party committees (Cal-Access)
  • SEIU United Healthcare Workers West PAC · $2,000,000
    Political action committee, sponsored by SEIU United Healthcare Workers West · California state contributions since Jan 1, 2025: $1,998,720 to Democratic and $0 to Republican candidates and party committees; $221,050 to candidates for nonpartisan offices (Cal-Access)
  • Hillary Perkins · $100,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $31,116 to Democratic and $0 to Republican candidates and party committees; California state (Cal-Access): $5,000 to Democratic and $0 to Republican candidates and party committees
  • Ross Boucher · $50,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $174,600 to Democratic and $0 to Republican candidates and party committees, $12,800 to others; California state (Cal-Access): $5,900 to Democratic and $0 to Republican candidates and party committees

Since then, $631,633 more reported in contributions of $1,000 or more, through Oct 16, 2026.

This committee is registered for more than one measure; these are its whole totals, which its filings don’t divide by measure.

Tax the Ultra-Rich Now, YES on 3 & 40, NO on 41 & 42

Ballot measure committee

Raised $340,225 · spent $57,231 · as reported through Sep 19, 2026

Largest contributors as filed:

  • Alan Davis · $250,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $265,114 to Democratic and $0 to Republican candidates and party committees, $6,711 to others
  • Excessive Wealth · $40,000
    Other
  • William Connell · $25,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $897,975 to Democratic and $0 to Republican candidates and party committees
  • John Esler · $25,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $24,800 to Democratic and $500 to Republican candidates and party committees
  • Lawrence Ottinger · $225 · individual

Since then, $84,073 more reported in contributions of $1,000 or more, through Oct 12, 2026.

This committee is registered for more than one measure; these are its whole totals, which its filings don’t divide by measure.

Opposing

NO ON PROP 40 - DOCTORS, TEACHERS, SMALL BUSINESSES, WORKING FAMILIES AND PUBLIC SAFETY AGAINST THE RECKLESS WEALTH TAX EXPERIMENT

Ballot measure committee, sponsored by California Medical Association; California Primary Care Association Advocates; California School Boards Association; Building a Better California · California payments to party committees since Jan 1, 2025: $3,750 to Democratic and $0 to Republican (Cal-Access)

Raised $56,721,279 · spent $59,394,211 · as reported through Sep 19, 2026

Largest contributors as filed:

  • BUILDING A BETTER CALIFORNIA · $56,500,000
    Political action committee
  • CALIFORNIA MEDICAL ASSOCIATION · $100,000
    Trade or professional association
  • CALIFORNIA PRIMARY CARE ASSOCIATION ADVOCATES · $100,000
    Other
  • STOP THE SQUEEZE - NO ON PROP 40 · $21,279
    Ballot measure committee

Since then, $62,036,019 more reported in contributions of $1,000 or more, through Oct 16, 2026.

GOLDEN STATE PROMISE - NO ON PROP 40

Ballot measure committee

Raised $10,450,000 · spent $10,584,581 · as reported through Sep 19, 2026

Largest contributors as filed:

  • Chris Larsen · $5,000,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $3,478,598 to Democratic and $47,400 to Republican candidates and party committees; California state (Cal-Access): $1,466,450 to Democratic and $45,100 to Republican candidates and party committees; $125,500 to candidates for nonpartisan offices
  • Ripple Labs · $5,000,000
    Company
  • California Business Roundtable Issues PAC · $450,000
    Political action committee, sponsored by California Business Roundtable

Stop the Squeeze - No on Prop 40

Ballot measure committee

Raised $400,000 · spent $400,000 · as reported through Sep 19, 2026

Largest contributors as filed:

  • Daniel Tierney · $200,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $922,283 to Democratic and $52,900 to Republican candidates and party committees, $10,800 to others; California state (Cal-Access): $78,400 to Democratic and $0 to Republican candidates and party committees
  • Ronald Conway · $100,000 · individual
    own contributions since Jan 1, 2020, federal (FEC): $4,751,811 to Democratic and $5,800 to Republican candidates and party committees, $74,700 to others; California state (Cal-Access): $481,100 to Democratic and $0 to Republican candidates and party committees; $15,000 to candidates for nonpartisan offices
  • Intersect USA, LLC(Michael Wheeler) · $100,000
    Company

CALIFORNIANS AGAINST TAX INCREASES, SPONSORED BY THE CALIFORNIA BUSINESS ROUNDTABLE - NO ON 40

Ballot measure committee, sponsored by California Business Roundtable

Raised $220,000 · spent $341,504 · as reported through Sep 19, 2026

Largest contributors as filed:

  • CALIFORNIA BUSINESS ROUNDTABLE ISSUES PAC · $215,000
    Political action committee, sponsored by California Business Roundtable
  • CALIFORNIA BUSINESS PROPERTIES ASSOCIATION ISSUES PAC · $5,000
    Political action committee, sponsored by California Business Properties Association

Since then, $203,724 more reported in contributions of $1,000 or more, through Oct 16, 2026.

A rhetorical technique is about wording, not about whether a measure is a good idea or an argument is true. Ballot wording is written under each state’s own rules, and official arguments by the people the state names. All California measures →

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