Compare positions on Proposition 40: One-time Wealth Tax For State-funded Healthcare, Education, And Food Assistance Programs Initiative in California

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Compare positions on Proposition 40: One-time Wealth Tax For State-funded Healthcare, Education, And Food Assistance Programs Initiative in California | Change.vote

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Proposition 40: One-time Wealth Tax For State-funded Healthcare, Education, And Food Assistance Programs Initiative

People with more than $1 billion in wealth would pay a one-time tax of up to 5% on wealth excluding real estate, pensions, and retirement accounts.

A Yes vote

A No vote

Proposal impacts

Impact on Billionaire taxpayers

Their California tax bill would add up to 5% on covered wealth if net worth exceeds $1 billion.

Their California tax bill currently includes higher income tax rates extended through 2030.

Impact on Medi-Cal patients

Medi-Cal coverage could receive new state spending for patient care if lawmakers allocate tax proceeds to it.

Medi-Cal coverage currently has a state rule providing additional funding under certain budget conditions.

Impact on CalFresh recipients

CalFresh grocery assistance could pay for recipients’ groceries with additional state funds if lawmakers allocate the new revenue.

CalFresh grocery assistance remains an existing food program, without proceeds from the proposed wealth tax.

Impact on Public school students

Public education could pay for students’ classes with new state money if lawmakers authorize school spending.

Public education currently receives support from higher income tax rates approved under earlier state measures.