California Poll Shows Tight Race on Billionaire Tax to Fund Medi-Cal Cuts

A Public Policy Institute of California poll finds 52% of likely voters support Proposition 40, which would impose a 5% one-time tax on billionaire assets to offset federal Medi-Cal cuts, but slim majorities also back two competing measures (Props. 41 and 42) that would nullify it. Under California law, if competing measures both pass, the one with the most yes votes prevails. The measure has divided labor and liberal groups, with Democratic leaders including gubernatorial candidate Xavier Becerra opposing it. Voters will decide in November 2026.

Finance