Proposition 40 would impose a one time 5% tax on Californians whose net worth is over a billion dollars. The resulting revenue would be primarily used to replace cuts to Medi-Cal and food assistance programs passed at the federal level in H.R. 1 or the One Big Beautiful Bill Act.
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This story was reported by Marisa Lagos. Prop Fest is a collaboration between Bay Curious and The Bay. It’s made by Olivia Allen-Price, Katrina Schwartz, Christopher Beale, Anna Casalme, Ericka Cruz Guevarra, Alan Montecillo, Gabriela Glueck and Pauline Bartolone. Additional support from Jen Chien, Katie Sprenger, Maha Sanad, Ethan Toven-Lindsey and everyone on Team KQED.
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