Voters decide Proposition 40 on November 3, 2026.
The tax would be 5% of net worth, charged once.
People worth at least $1 billion who lived in California on January 1, 2026.
A little more than 200 people in California meet the test.
Supporters say the plan would raise about $100 billion.
About 90% would fund health care. The rest aids food and schools.
Opponents raised more than $300 million. Supporters raised $32 million.
Sergey Brin gave $138 million to stop the tax, Forbes reported.
Early polls leaned yes. Later polls put no ahead.
Governor Newsom opposes it. Senator Sanders supports it.
If either rival plan wins more yes votes, Prop 40 is void.
Read the full plain-words guide to who pays and what happens next.
Get the full breakdown, key numbers, and what happens next.
Read on Rive News