Taxpayers OPPOSES Proposition 40: One-Time Wealth Tax for State-Funded Healthcare, Education, and Food Assistance Programs Initiative

SD Taxpayers opposes Proposition 40, which would impose a one-time 5 percent tax on the net worth of Californians worth more than $1 billion and direct most of the revenue to state health care programs. Three structural problems drive the position: a one-time, asset-price-dependent revenue source is pledged against ongoing Medi-Cal obligations, the tax base is concentrated in roughly 200 highly mobile taxpayers, and unresolved valuation and legal questions could delay or reduce what the measure actually collects.