Opponents vastly outraise supporters of Proposition 40

By the Editorial Team · Tuesday, September 29, 2026

Opponents of California’s Proposition 40, a proposed one-time 5% tax on billionaires’ assets, have raised nearly six times more funds than supporters, amassing around $187 million compared to $32 million as of mid-September. This significant financial advantage for opponents, who also back two related measures to block the tax, highlights the contentious battle over funding state healthcare amid projected federal cuts.

Opponents of Proposition 40, a proposed one-time 5% tax on California billionaires’ assets appearing on the November ballot, have significantly outpaced supporters in fundraising, according to recent campaign finance disclosures. Through September 19, backers of the measure had raised approximately $32 million, while opponents, including those backing two related ballot initiatives designed to nullify Proposition 40, amassed around $187 million.

The financial disparity reflects efforts on both sides to influence voters ahead of the November 3 election. The fundraising totals do not yet include millions more reported to have been contributed in the days following the latest filings, with expectations that overall sums will rise substantially as the election approaches.

Proponents of Proposition 40, who aim to address anticipated federal healthcare funding cuts projected to cost California $100 billion and impact millions of residents, have spent much of their resources on qualifying the measure for the ballot. According to the most recent reports, the campaign retained just over $200,000 in remaining funds. The initiative’s backers argue the tax targets wealthy Californians who have benefited from tax breaks and that revenues raised would help preserve emergency healthcare services in the state.

Suzanne Jimenez, chief of staff for the Service Employees International Union-United Healthcare Workers West, which helped develop the measure, criticized the opposition’s campaign spending. “The billionaires take and take — tax break after tax break — and now they’re spending that money to deceive voters and avoid paying their fair share,” she said. Jimenez emphasized that Proposition 40 would support the continued operation of emergency rooms and hospitals throughout California, which face increasing financial pressures.

Opponents contend the tax could harm the state’s budget and economy without guaranteeing improvements in patient care or affordability. Dr. René Bravo, president of the California Medical Association and a leading voice against the measure, described Proposition 40 as a “harmful tax scheme” that lacks accountability and safeguards for how funds would be allocated.

Two companion ballot measures, Propositions 41 and 42, seek to counteract Proposition 40 in the event it passes. Proposition 41, in particular, is structured to invalidate the billionaire tax if it receives more affirmative votes than Proposition 40. It would also prohibit any new state tax from being exempted from a voter-approved cap that limits annual state tax revenue growth.

Molly Weedn, spokesperson for the campaign opposing Proposition 40, argued that voters deserve better fiscal outcomes. “Californians deserve better results for their hard-earned tax dollars,” she said, highlighting concerns about fiscal responsibility and economic impact.

As Californians prepare to vote on the measures, the stark contrast in fundraising underscores the high stakes and deep divisions surrounding the billionaire tax proposal and its potential implications for the state’s healthcare funding and budget.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.