RismadarVoice Reporters
September 30, 2026
A proposed one-time tax on California billionaires has drawn support from 48 per cent of likely voters in a new survey, although backing remains below the 50 per cent mark required for a clear majority.
The poll, conducted between September 21 and 24, found that 38 per cent of likely voters opposed the proposal, while 14 per cent remained undecided.
Among Hispanic likely voters, 50 per cent supported the measure, compared with 40 per cent who opposed it and 10 per cent who were undecided.
The proposal, Proposition 40, would impose a one-time tax equal to five per cent of the wealth of certain California taxpayers with assets exceeding $1 billion.
The measure would apply based on California residency as of January 1, 2026, with wealth generally valued at the end of the year.
Revenue generated by the measure would primarily be directed towards healthcare, with additional funding allocated to other programmes.
Proposition 40 has generated significant political debate ahead of California’s November 3 general election.
Supporters argue that the measure would generate substantial additional revenue for healthcare and other public services.
Opponents have raised concerns about its possible effects on California’s economy and tax base, including whether wealthy residents could relocate or reduce their economic presence in the state.
Governor Gavin Newsom is among those opposed to the measure and has argued that taxation of billionaire wealth should instead be addressed at the federal level.
The latest survey found that 59 per cent of respondents were either not concerned or not particularly concerned about wealthy Californians leaving the state because of the proposal, while 41 per cent said they were very or somewhat concerned.
Among Hispanic voters, 62 per cent expressed little or no concern about such departures, compared with 38 per cent who expressed some level of concern.
Recent polling has produced varying results on Proposition 40.
A September poll by the University of California, Berkeley’s Institute of Governmental Studies found 45 per cent of likely voters supporting the measure, 42 per cent opposing it and 13 per cent undecided.
Another September survey found 52 per cent supporting the proposal and 46 per cent opposing it.
California voters will decide the fate of Proposition 40 during the November 3, 2026 general election.
Voters will also consider Proposition 39, a separate constitutional amendment that would introduce additional identification requirements for voting.
Under Proposition 39, people voting in person would generally be required to present government-issued identification, while mail voters would be required to provide specified identifying information on their ballot envelopes.
With several weeks remaining before the election, the varying poll results and number of undecided voters indicate that public opinion on the billionaire tax remains unsettled.
