Prop 40: The ‘Billionaire Tax’ That’s Actually a Working-Class Shakedown

Oh look, Sacramento is dangling a shiny “billionaire tax” in front of voters! Because nothing gets people cheering faster than the promise of soaking the ultra‑rich, right?

Yes, it starts as a one‑time 5% tax on Californians with over $1 billion in assets. But the danger isn’t the headline, it’s the hidden power grab buried on page 26:

“50310. Legislative Authority. The Legislature may amend the 2026 Billionaire Tax Act… by rollcall vote… if the statute is consistent with and furthers the purposes of the Act.”

That single sentence is the trap.

It says the Legislature can change the tax anytime they want with a simple roll‑call vote, no ballot measure, no voter approval, no public debate. Just a quick “aye” from the same Democrat supermajority that already rubber‑stamps every tax hike they dream up.

And guess what happens when you give a one‑party supermajority a brand‑new power to tax “net worth”?

Spoiler: they don’t stop at billionaires.

This isn’t a billionaire tax. It’s a starter tax. A “foot in the door” tax. A “don’t worry, we’ll come back for the working class later” tax.

Because if this were truly only about billionaires, they wouldn’t need a clause letting them rewrite the whole thing whenever they feel like “furthering the purpose.” That clause is there for one reason: expansion.

Annual asset taxes?

Lowering the threshold?

Dragging homeowners, small business owners, retirees, and anyone with savings into the net?

All possible and all doable with a simple roll‑call vote. And with the current supermajority, there’s no way to stop it. Do you think they'll be happy with just a one time tax on billionaires? What happens when that money runs out?

We’ve already seen the gas tax bait‑and‑switch. This is the sequel but aimed straight at your assets.

Don't be fooled. Vote NO on 40.

Don’t hand Sacramento a blank check and the keys to your wallet.