A Yes on Prop 40 campaign ad argues a billionaire tax could help make up for federal cuts to health care. Opponents say the measure could instead hurt the state’s finances.
Prop 40 would impose a one-time five-percent tax on the net worth of Californians with more than a billion dollars in assets, raising money primarily for health care.
But Propositions 41 and 42 are also on the ballot, both containing provisions that could block Prop 40 if they receive more “yes” votes.
Sacramento State political science professor Wesley Hussey says that’s intentional.
"Perhaps to confuse voters or even to tell voters you might like components of A, but maybe you like components of B," Hussey explains.
If passed, Prop 40 would apply to billionaires who were California residents on January first of this year. Critics also warn the Legislature could extend the measure with a ⅔ vote.