# Proposition 40 (California) **Proposition 40 is the California ballot measure, decided November 3, 2026, that would impose a one-time 5% tax on individuals and trusts with a net worth of at least $1 billion.** Residency is set as of January 1, 2026 and wealth measured as of December 31, 2026; payments would be due in 2027, with an option to pay in five annual installments carrying a 7.5% annual charge on unpaid balances. After administrative costs, 90% of revenue is directed to health care and 10% to education and food assistance. ## Why it is in this knowledge base Proposition 40 produced the largest concentration of tech-right political spending in the 2026 cycle, and none of it is visible to federal campaign-finance tracking. Because a state ballot measure is regulated by California rather than the [[Federal Election Commission]], the nine-figure sums moving against the measure do not appear in the independent-expenditure or individual-contribution data the knowledge base otherwise relies on. Reported opposition donors include [[Sergey Brin]] ($138 million), [[John Doerr]] ($40 million), [[Eric Schmidt]] ($35 million), [[Patrick Collison]] ($33 million) and [[Vinod Khosla]] ($12.5 million), with [[Peter Thiel]], [[Michael Moritz]] and [[Chris Larsen]] also named among the funders. The sponsoring healthcare union supplied roughly $32 million. Total spending on both sides has been reported above $340 million. Polling moved from a "yes" lead in August and September to a "no" lead in late-September and October surveys. [[Palmer Luckey]] is the notable dissenter among the measure's wealthy opponents: he has said publicly that he will remain in California and campaign against it rather than relocate, and that his objection is to the measure's treatment of voting control over his own company rather than to the levy itself. ## Open questions - The November 3, 2026 result and margin. - Whether the reported departures of billionaires from California materialise, and whether the Stanford estimate of a net revenue loss is borne out. - Final opposition and support committee totals once California filings close. ## Status Stub. Needs: committee names and official filing totals, the certified result, the full donor table from California disclosure data, and litigation if any follows.