Five measures on the November 3, 2026 ballot pose questions about taxes. Should those with net worth of a billion or over contribute a one-time 5% tax to help support public services? Should votes on citizen-initiated local government or school district special taxes require a simple majority or a two-thirds vote? Should the 2012 income surtax on the wealthy become permanent?

Voters must stay alert as many of the shiny ads mailed to homes or seen on TV or the internet are deceptive. Look for the required “Paid for by …” line and look up the committee by entering the name or number provided into the “Search” box at https://cal-access.sos.ca.gov/

For example: A recent shiny ad mailed to homes by California Business Roundtable claims “The So-Called ‘Billionaire‘ Tax is Really an Everyone Tax.” This is false. Out of California’s roughly 39,500,000 residents, the one-time 5% tax would be paid only by the 200 or so billionaire households living here. The ads point to a filing provision to suggest otherwise, but under the measure all other Californians simply certify on their return that they do not have $1 billion or more in assets by checking a box.

The mailer’s “Paid For” notice — “Paid for by Californians Against Wasteful Spending and Higher Taxes, A Project of the California Business Roundtable” — is difficult to look up because it contains extra words. Enter the name “California Business Roundtable” into the “Search” box at https://cal-access.sos.ca.gov/ to come up with a list of committees formed. Some have no disclosures, but open “California Business Roundtable Issues PAC” and under “View Information” click on the bubble “Late & $5000+,” which will take you to a list of top donors.

Those donors include venture capitalist Peter Thiel, who gave $3 million in December 2025; Kim DeGeorge, who gave $1.9 million and lists her occupation as “not employed” (she is the spouse of Marco DeGeorge, co-founder of the athleisure brand Alo, whose net worth Forbes puts at $3.7 billion); former Google CEO Eric Schmidt, $1.5 million; and Ripple co-founder Chris Larsen, $750,000. Also find info for individual major donors under https://cal-access.sos.ca.gov/Campaign/Committees/

Under the measures’ provisions, if Prop. 41 or Prop. 42 receives more yes votes than Prop. 40, Prop. 40 could be stopped from becoming law even if a majority of voters approve it, because the courts could find that Prop. 41 or Prop. 42 conflicts with Prop. 40. If both measures pass and Prop. 40 receives more votes, the conflicts would likely still end up before the courts.

It is interesting to note that contributors to groups like “Building a Better California” (which also opposes the Billionaire Tax and backs Props 41 and 42) are billionaires. Knowing who is funding the Yes and No sides of issues can be helpful in making good decisions. Note too that Prop. 40’s opponents are not only wealthy donors: the California Teachers Association, Planned Parenthood Affiliates of California, the California Medical Association, the State Building and Construction Trades Council and Gov. Gavin Newsom also oppose it, while Building a Better California has endorsed Prop. 3.

For analysis of the propositions, visit the non-partisan nonprofit California Budget Center at https://calbudgetcenter.org/issues/ballot-propositions/ and Ballotpedia at https://ballotpedia.org/California_2026_ballot_propositions. The Legislative Analyst’s Office analyses are at https://lao.ca.gov/BallotAnalysis/Propositions?date=11%2F3%2F2026

Coming up — Watch for the League of Women Voters Pros & Cons about ballot measures and the Fullerton College/Fullerton Observer candidate meet and greet coming up in October.

For more information on everything about voting, visit the OC Registrar of Voters website at https://ocvote.gov/ and https://www.vote411.org/california

Campaign-finance figures below from California Secretary of State filings, downloaded through August 29, 2026. For updates, visit https://cal-access.sos.ca.gov/Campaign/Measures/

PROP 40: One-Time Wealth Tax for State-Funded Healthcare, Education, and Food Assistance Programs.

Creates a one-time 5% tax on those with net worth over $1 billion to help support health care, education and food assistance programs. The tax would apply to billionaires who were California residents on January 1, 2026, based on their net worth on December 31, 2026, and would be due in 2027. Taxpayers could spread payments over five years but would pay more to do so. Real estate, pensions and retirement accounts are generally excluded. Ninety percent of the revenue must go to health care; the rest goes to education, food assistance and administration.

Revenue estimates vary widely. The non-partisan Legislative Analyst’s Office says the measure would probably raise“tens of billions of dollars” spread over several years. The measure’s authors estimate about $100 billion over five years. Researchers at the conservative-leaning Hoover Institution put the initial revenue gain closer to $40 billion. The LAO also projects a possible ongoing decrease of less than $1 billion a year in income tax revenue if billionaires leave the state.

California is home to roughly 200 to 250 billionaires. (If either Prop 41 or Prop 42 earns more votes than Prop 40, Prop 40 could be canceled even if it passes.)

Revenue from Prop 40 is intended to address loss of federal funding for health care and food assistance programs due to HR 1, the “One Big Beautiful Bill Act” signed by President Trump on July 4, 2025. https://calbudgetcenter.org/resources/billionaire-tax-explained-what-proposition-40-would-mean-for-california/

Committees formed to Support or Oppose.

YES: $31,416,873: Yes on 40 – Billionaire Tax Now – No on 41 & 42, Sponsored by Service Employees International Union – United Healthcare Workers West

Funded by over 120,000 frontline healthcare workers in California through member dues:

• $22 million: Service Employees International Union
• $7.3 million: United Healthcare Workers West Political Issues Committee
• $2 million: SEIU United Health Care Workers West PAC

NO: $20,700,000: No on Prop 40 – “Doctors, Teachers, Small Business, Working Families and Public Safety Against the Reckless Wealth Tax Experiment” Funded by:

• $20.5 million: Building a Better California (major funders Google co-founder Sergey Brin; crypto executive Chris Larsen, Ripple co-founder and executive chairman; venture capitalist John Doerr, chair of Kleiner Perkins; Stripe CEO Patrick Collison; Wonderful Company co-owner Stewart Resnick)
• $100,000: California Primary Care Association Advocates
• $100,000: California Medical Association

NO: $10,450,000 Golden State Promise Funded by:

• $5 million: Chris Larsen, co-founder and executive chairman of Ripple Labs
• $5 million: Ripple Labs
• $450,000: California Business Roundtable Issues PAC (top donors Peter Thiel and Kim DeGeorge)

NO: $400,000 Stop the Squeeze Funded by:

• $200,000: Daniel Tierney/Wicklow Capital
• $100,000: Intersect USA LLC/Sheldon Kimber
• $100,000: Ronald Conway/SV Angel LLC investor

NO: $220,000 Californians Against Tax Increases, Sponsored by the California Business Roundtable – No on 40 Funded by:

• $220,000: California Business Roundtable (top donors Peter Thiel and Kim DeGeorge)

PROP 41: Prohibits New State Taxes That Exclude Revenues From State Spending Limit. Requires Audits for New State Special Taxes. Initiative Constitutional Amendment.

Prop 41 requires a pre-election audit of programs funded by a special tax proposed by voter initiative, and recurring audits every four years of programs funded by special taxes enacted after January 1, 2026. Those audits must include recommendations for cutting program costs by at least 10% annually. It also prohibits new state taxes enacted after January 1, 2026 from excluding their revenues from the existing voter-approved state spending limit. (If this measure receives more votes than Prop 40, Prop 40 could be wiped out even if Prop 40 also passes.)

Committees formed to Support or Oppose.

YES: $63,326,307: Yes on 41 – Californians for Transparency and Accountability, a Coalition of Small Businesses, Taxpayers, Good Government Advocates, Accountants and Auditing Experts Funded by:

• $63.3 million: Building a Better California (major funders: Google co-founder Sergey Brin; crypto executive Chris Larsen, Ripple co-founder; venture capitalist John Doerr, chair of Kleiner Perkins; Stripe CEO Patrick Collison; Wonderful Company co-owner Stewart Resnick)
• $21,807: Reform California with Carl DeMaio – Ballot Measure Committee
• $4,500: Reform Local Government PAC

NO: No separate committee has been formed solely to oppose Prop 41. The chief opponent is SEIU–United Healthcare Workers West, whose committee is formally named “Yes on 40 – Billionaire Tax Now – No on 41 & 42” (finances listed under Prop 40 above). The California Democratic Party also opposes Prop 41.

PROP 42: Prohibits New State Personal Property Taxes and Certain Retroactive State Taxes. Initiative Constitutional Amendment.

Prop 42 would prohibit any new state tax on the ownership or control of personal property — meaning financial assets, retirement accounts, investment accounts, business interests, intellectual property, and physical property such as vehicles, jewelry and artwork. Real estate is not covered. It would also prohibit new state taxes that apply retroactively based on a taxpayer’s past conduct or status, with limited exceptions. It states that other voter-approved measures on the same ballot are void if they conflict with this measure. (If this measure receives more votes than Prop 40, Prop 40 could be wiped out even if Prop 40 also passes.)

Committees formed to Support or Oppose.

YES: $64,327,037: Yes on 42 – Protect Retirement & Life Savings, a Coalition of Retirees, Blue Collar Workers, Seniors, Veterans, Small Businesses & Taxpayers Funded by:

• $64.3 million: Building a Better California (major funders: Google co-founder Sergey Brin; crypto executive Chris Larsen, Ripple co-founder and executive chairman; venture capitalist John Doerr, chair of Kleiner Perkins; Stripe CEO Patrick Collison; DoorDash CEO Tony Xu; Wonderful Company co-owner and chair Stewart Resnick)
• $22,537: Reform California with Carl DeMaio – Ballot Measure Committee
• $4,500: Reform Local Government PAC

NO: No separate committee has been formed solely to oppose Prop 42. The chief opponent is SEIU–United Healthcare Workers West, whose committee is formally named “Yes on 40 – Billionaire Tax Now – No on 41 & 42” (finances listed under Prop 40 above).

PROP 43: Limits Voters’ Ability to Raise Revenues for Local Government Services. Legislative Constitutional Amendment. (ACA 22, Wicks)

Local special taxes placed on the ballot by cities, counties and districts already require a two-thirds vote. Special taxes placed on the ballot by citizen initiative currently require only a simple majority under court rulings.

A No vote on Prop 43 maintains the current simple majority vote for citizen-initiated local special taxes.

A Yes vote on Prop 43 would require two-thirds voter approval to create, increase or extend a local special tax placed on the ballot by citizen initiative, for cities, counties, special districts, school and community college districts and other local or regional government entities. It would take effect January 1, 2027 and would apply only going forward; it would not disturb local taxes voters have already approved.

Prop 43 originated as Assembly Constitutional Amendment 22 by Assemblymember Buffy Wicks (D-Oakland). The Legislature placed it on the ballot June 25, 2026, by votes of 68-2 in the Assembly and 35-1 in the Senate, as part of a compromise in which the Howard Jarvis Taxpayers Association withdrew a broader initiative. Wicks herself opposes Prop 43, saying she authored it only to get the more sweeping measure off the ballot. The California Democratic Party voted to oppose it on August 2, 2026. https://calbudgetcenter.org/resources/should-california-voters-approve-proposition-43/

Committees formed to Support or Oppose

NO: $851,247: No on PROP 43: Stop the Local Taxpayer Deception Act Funded by:

• $500,000: SEIU California State Council for Working People
• $250,000: California Professional Firefighters Ballot Issues Committee
• $100,000: NPH Action Fund PAC
• $1,247: California Democratic Party

YES: $13,973,217: Yes on Prop 43 – The Local Taxpayer Protection Act, sponsored by Homeowners, Businesses & Taxpayers Funded by:

• $9,800,000: California Business Roundtable Issues PAC (top donors Peter Thiel and Kim DeGeorge)
• $1,038,217: Protect Prop 13, a Project of Howard Jarvis Taxpayers Association
• $1,000,000 each: Kilroy Realty LP; Douglas Emmett Properties LP & Affiliated
• $500,000: 1800 Capital Inc
• $250,000: Jerry A. Greenberg/Sushi Nozawa LLC
• $100,000: McCourt Partners Real Estate LLC
• $100,000: Andrew Schwartzberg/Housing Inc
• $85,000: Moss Management Services Inc
• $50,000 each: Beverly Hills Estates Inc; Daniel Tierney/Wicklow Capital
• $30,000: Sunset Sierra Properties Inc

PROP 3: Provides Permanent Funding for Schools and Health Care by Extending Existing Tax on High Incomes. Initiative Constitutional Amendment.

Makes permanent the higher income tax rates on high-income Californians first approved by voters in 2012 (Prop 30) and extended in 2016 (Prop 55), which are set to expire in 2031. The rates are paid by the top 2% of California taxpayers, who pay about half of all state income taxes. The LAO estimates the measure maintains between $5 billion and $15 billion a year in state revenue, with roughly 40% going to schools and community colleges and the rest to other state programs. https://calbudgetcenter.org/resources/should-voters-approve-prop-3-how-top-tax-rates-have-helped-californians/

Committees formed to Support or Oppose.

YES: $24,125,000: Yes on Prop 3, to Protect Public Education, Healthcare and Budget Stability, sponsored by Education and Labor Organizations Funded by:

• $18,275,000: California Teachers Association
• $4,000,000: National Education Association
• $750,000: California Federation of Teachers COPE Prop Ballot Committee
• $500,000: American Federation of State, County and Municipal Employees
• $500,000: PACE of California School Employees Association Issues
• $100,000: Association of California School Administrators Issues PAC

NO: No on Prop 3, sponsored by California Taxpayers Association — no filing yet available

Who Funds Major Campaign Donor Committee Building a Better California?

NO: $165,696,000: Building a Better California Funded by:

• $122 million: Google co-founder Sergey Brin
• $15.5 million: Venture capitalist John Doerr, chair of Kleiner Perkins
• $10.5 million: Crypto executive Chris Larsen, Ripple co-founder and executive chairman
• $7 million: Stripe CEO Patrick Collison
• $5.5 million: Michael Moritz
• $3 million: Eric Schmidt, former Google CEO
• $946,000: John Hering, VP Capital
• $500,000: Wonderful Company co-owner and chair Stewart Resnick
• $500,000: Daniel Tierney, Wicklow Capital Inc
• $250,000: Neil Mehta, Greenoaks Capital founder