Prop 40: One Time Tax on Billionaires

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. Additional Resources: Read the transcript for this episode Catch up on all of Prop Fest 2026 Political Breakdown Podcast: Dave Regan Political Breakdown Podcast: Joshua Rauh Sign up for our newsletter Got a question you want answered? Ask! Your support makes KQED podcasts possible. You can show your love by going to https://kqed.org/donate/podcasts 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. Learn more about your ad choices. Visit megaphone.fm/adchoices