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<\/p>\nThe Nov. 3 election is less than a month away, and voters will get their first chance today to have a say on the proposal as voting starts. <\/p>\n
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U.S. Sen. Bernie Sanders speaks during the campaign kickoff for the California Billionaire Tax Act at The Wiltern in Los Angeles, Feb. 18, 2026. Sanders is again seeking the support of California voters for a November ballot initiative of a tax on billionaires to help the state’s healthcare system. \u00a0(Patrick T. Fallon \/ AFP via Getty Images)<\/p>\n
Voters are getting their first chance today to weigh in on a statewide billionaire tax that has split Democrats<\/a>. That\u2019s as proponents like Sen. Bernie Sanders, I-Vt., make their latest push to pass the measure.<\/p>\n Sanders, one of Proposition 40\u2019s earliest supporters, appeared at San Francisco\u2019s Curran Theatre on Saturday as part of a California tour promoting the tax. The event, dubbed \u201cBallots over Billionaires,\u201d included former San Francisco supervisor and current candidate for state insurance commissioner Jane Kim, and U.S. Rep. Ro Khanna, who represents parts of Silicon Valley.<\/p>\n Sanders told a packed crowd that the initiative \u201cdeals with the most important issue facing this country,\u201d prompting cheers and applause.\u00a0<\/p>\n \u201cCan the American people sustain democracy, take on the greed and power of of the billionaire class and create an economy and government that works for all, or are we destined to live in an oligarchic society where our economic and political lives are controlled by a handful of the wealthiest people in the world?\u201d Sanders said.\u00a0<\/p>\n The measure would impose a one-time 5% tax on individuals with a net worth of more than $1 billion who lived in the state on Jan. 1, 2026. Ninety percent of the tax\u2019s revenue \u2014 projected to be tens of billions of dollars \u2014 would go toward healthcare. The rest would be used for food assistance and education-related programs.\u00a0<\/p>\n The initiative has won the support of the state\u2019s Democratic Party, and a recent poll<\/a> shows it as slightly favored by likely voters. Proponents like Sanders say the tax is necessary to support the state\u2019s healthcare system following federal cuts<\/a> related to the so-called One Big Beautiful Bill Act.<\/p>\n But Gov. Gavin Newsom and both remaining candidates for his seat, Republican Steve Hilton and Democrat Xavier Beccera, have come out in opposition.\u00a0\u00a0<\/p>\n Some opponents say it would actually mean a decrease in revenue because it could force billionaires away. Others, like the Planned Parenthood Affiliates of California and the California Medical Association, have raised concerns<\/a> about how the money will be distributed and how much discretion lawmakers will have about its use.\u00a0<\/p>\n Even if voters pass the measure, it could be moot. Two other initiatives on the ballot are Propositions 41 and 42, direct responses to Proposition 40 funded by billionaires<\/a> like Google cofounder Sergey Brin.<\/p>\n Prop 41 would prohibit new state taxes that exempt their revenues from the state spending limit. Prop 42 would prohibit retroactive taxes and new taxes on financial assets and personal property. If either one passes and receives more votes than Proposition 40, the billionaire tax would be nullified.<\/p>\n Sanders, who\u2019s also urging people to oppose Prop 41 and 42, will finish off his support tour for the measure and progressive candidates in the state in Los Angeles tonight.\u00a0<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/10\/CaliforniaBillionairesTaxGetty.jpg\")
A T-shirt with a campaign message during the campaign kickoff for the California Billionaire Tax Act at The Wiltern in Los Angeles, on Feb. 18, 2026. Sanders is seeking the support of California voters for a November ballot initiative of an emergency tax on billionaires to help the state\u2019s healthcare system.\u00a0(Patrick T. Fallon\/AFP via Getty Images)<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/10\/021826-Billionaires-Tax-GETTY-CM-01.jpeg\")
Signs reading \u201cA Billionaire Tax Now\u201d rest on chairs at a Billionaire Tax Now rally Feb. 18, 2026. \u00a0(Jason Armond\/Los Angeles Times via Getty Images)<\/p>\n