Proposition 40

Does the global economy hinge on one leather-clad CEO’s affair with an alleged Chinese spy? You might find it reassuring that your pension fund has been preparing for some kind of AI downturn, if not that specific scenario.  We have some breaking news today. California voters officially rejected Prop. 40, the measure that would have […]

California voters have long rejected raising taxes — or tried limiting them — via the ballot box. Propositions 40 and 42 keep up that trend.

California billionaires put Prop. 42 on the ballot to counter a proposed wealth tax. It passed, creating a new obstacle to future wealth taxes.

Some of the state’s wealthiest residents have spent hundreds of millions to defeat Prop. 40, the “billionaire tax.” Supporters say billionaires should pay their “fair share” and help fund social services.

Proposition 40 has a gauntlet to run to succeed, including surviving two poison-pill propositions. If it passes, it will probably be challenged in court.

Until Proposition 13, California voters let elected officials decide taxes and spending options. Now, 48 years later, money matters dominate the ballot box.

The governor announced his positions on most of the 14 propositions on the November ballot.

Californians are dissatisfied with the present and sour on the future, but the Democratic Party can comfortably expect to maintain its hegemony.

Prop. 40 opponents say the billionaire tax allows lawmakers to change the measure with a two-thirds vote.

Proposition 40 would levy a one-time tax on billionaires. Some say the initiative opens the door to tax flight and more aggressive taxation. Others say there’s no way to predict the outcome.