Proposition 40: Impose a one-time 5% tax on Californians whose net worth exceeded $1 billion at the start of this year.
According to CalMatters:
The revenue generated from this tax would be used to fund healthcare, food assistance, and education. 90% of these tax revenues for health care, 10% for food assistance or education-related programs. Taxpayers would have the option to spread the payments over five years but would have to pay more to do so. Real estate, pensions, and retirement accounts generally would be excluded from the tax. If propositions 41 or 42 earn more votes than Proposition 40, this measure would be nullified.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.
"Yes" Vote: The state of California would collect a one-time 5% from billionaires residing in the state.
"No" Vote: The state of California would not collect a one-time 5% from billionaires residing in the state.
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