The Los Angeles Times reported that more than $351 million in contributions went into California’s ballot fight over Proposition 40 and related measures, with about 90% aimed at defeating Proposition 40 before Tuesday, Nov. 3.
The reported total covers money raised across both sides of the ballot fight. Bloomberg reported that Building a Better California had received about $318 million by Oct. 13, with most of it already spent to oppose the measure, according to EconoTimes' earlier coverage of opposition fundraising.
Proposition 40 would create a one-time tax of up to 5% for certain taxpayers with assets above $1 billion. It applies to eligible people who lived in California on Jan. 1, 2026, with their assets valued as of Dec. 31, 2026. Public health care would receive 90% of the proceeds; education, food assistance and tax administration would share the rest. SEIU United Healthcare Workers West supports the measure.
Approval at the ballot box may not be the final step. California's Legislative Analyst's Office says Proposition 40 could be blocked if Proposition 41 or 42 receives more yes votes and a court finds the measures conflict, as described in EconoTimes' earlier coverage of the potential legal obstacle. Voters decide on Tuesday, Nov. 3.
