California Voters Asked to Simultaneously Raise, Outlaw, and Restrict New Taxes. Yes, Really

<![CDATA[Our ongoing series on the propositions facing Californians on the November 2026 ballot (links to previous posts at the bottom of this one) continues. This time through, we are looking at four propositions together, as each covers the same ground — namely, taxes. Proposition 40, officially dubbed the 2026 Billionaire Tax Act, proposes a one-time (*snortyeahright*) five percent tax on the few billionaires left in California who haven’t already moved to Florida or Texas. Proposition 41 would require that, prior to any ballot initiative proposing a new state tax or increase in existing ones requiring voter approval be placed on the ballot, the State Auditor must publicly review all programs designated for funding via the proposed tax dollars in question. It would also prohibit the state from excluding any new taxes from its spending limit. Proposition 42 would prohibit any new taxes levied on personal property other than real estate, as well as on past activities, such as money in retirement funds. Finally, Proposition 43 would modify existing law by requiring that all “voter-proposed local special taxes” on any given ballot would require a two-thirds majority instead of a simple majority to pass.]]>