YES ON 40.Save lives. Tax Billionaires.
BILLIONAIRE TAX WINS “YES” VOTE ENDORSEMENT FROM CALIFORNIA DEMOCRATIC PARTY

Prop 40

California
billionaire tax

Keep Hospitals & ERs Open

We’re calling on California’s billionaires to pay a one-time, 5% emergency billionaire tax to prevent the collapse of California healthcare and ensure our state’s families can get the care we need. Prop 40 is a common sense solution to a looming crisis and will help our state build a strong middle class.

The statements, estimates and endorsements on this page are published by the Yes on 40 campaign.

Campaign video

Billionaire Tax Now Los Angeles Kickoff Event

Video published by the California Billionaire Tax Act campaign featuring the Los Angeles kickoff event and remarks about Prop 40.

Published
July 6, 2026
Duration
2 minutes 27 seconds
Channel
California Billionaire Tax Act
Video
Watch on YouTube

YouTube description: “Vote YES on Prop 40 in November. The billionaire tax will be on the ballot as Prop 40. This November, we can make sure billionaires pay their fair share to keep hospitals and ERs open. yeson40.com”

Watch the video on YouTube →

The video and thumbnail are linked from the campaign homepage. View the homepage thumbnail.

Video transcript

Transcript supplied from the campaign’s YouTube video. Obvious automated-caption duplication and spacing artifacts were lightly normalized; uncertain speaker identities were not inferred.

  1. OpeningIn America today, and I want you to hear this because you’re not going to see it much in the media or hear it in Congress.
  2. 0:08Today in America, the top 1% owns more wealth than the bottom 93%.
  3. 0:18Got that? Good evening, Los Angeles.
  4. 0:22Tonight, Senator Bernie Sanders is in Koreatown rallying for a new tax on billionaires. This would be a one-time 5% tax on the assets of billionaires like businesses and collectibles, not their income.
  5. 0:35I think that billionaires for far too long in America, but also in California, not paying their fair share.
  6. 0:40As a nurse, I have watched as people died because they couldn’t afford their medications.
  7. 0:45I came out here to support the 5% billionaire tax because the wealthy do not pay their fair share in taxes.
  8. 0:50I’m a healthcare worker. I help people and I think we all should be able to live. [cheering]
  9. 0:58With massive federal funding cuts that will force hospitals and emergency rooms to close their doors forever. And all because billionaires insist on paying a lower tax than us? I don’t think so.
  10. 1:09Every truth spoken is a beacon of light in the gathering darkness. And every song sung is a trumpet of hope to the heroes with heart and courage who will undo this madness.
  11. 1:22We must work together to pass this tax and ensure that our healthcare services are protected. The billionaire class cannot have it all.
  12. 1:35Healthcare is not just a budget line item. It is the difference between stability and the collapse for millions of families.
  13. 1:44For these oligarchs.
  14. 1:4710 billion dollar pocket change not enough.
  15. 1:5250 billion not enough. 100 billion not enough.
  16. 1:59These people suffer from an addiction problem.
  17. 2:05[cheering] This nation belongs to all of us, not just a handful of billionaires.
  18. 2:16[cheering]

Campaign-listed supporters

Democrats, Unions & Community Leaders Endorse Prop 40.

The supporters below are shown in the campaign’s homepage logo panel. The links identify the people and organizations; the campaign panel is the source of the endorsement statements.

Massive federal healthcare cuts are driving California towards a healthcare collapse

Deep federal cuts strip roughly $100 billion from California healthcare over the next five years—pushing our state toward a healthcare collapse that hurts California families. Insurance premiums will go up for everyone, and millions of Californians will lose coverage altogether. Local hospitals, clinics, and nursing homes, home care services that we rely on will cut services or close. Skeleton crews will be left on the front lines as 145,000 healthcare jobs disappear, burning out the people who care for our families. Prop 40 is a common sense solution to stop the healthcare collapse.

OUR SOLUTION: PROP 40 - THE CALIFORNIA BILLIONAIRE TAX ACT: A one-time, 5% emergency billionaire tax

How it Works

  • Paid only by Californians worth more than $1 billion—about 200 people who together hold $2 trillion in wealth, most of which will never be taxed in their lifetimes due to loopholes in state and federal tax laws.
  • Raises about $100 billion to replace lost federal dollars and protect essential services. Directs 90% of funds to healthcare and 10% to public K-14 education and state food assistance programs.
  • No new taxes on the middle class, small businesses, or homeowners.

What does Prop 40 do for Californians?

  • Keeps hospital ERs, clinics, nursing homes, and home care open and staffed in every community.
  • Stabilizes premiums and coverage, so families can see a doctor when they need one.
  • Protects healthcare jobs and the middle-class economy they support.
  • Funds public K-14 education to keep classrooms staffed, protect programs, and ensure every child gets a quality education.
  • Funds state food assistance programs to keep millions of Californians from losing access to food and support school nutrition programs.

What we want is simple

  • Protect our fragile healthcare system from collapse so our families can get the care we need.
  • Billionaires doing their part to support California and contribute to the social safety nets and public infrastructure that enabled their wealth accumulation.
  • A state with a strong middle class where everyone can thrive.

In their words

What people are saying

All 11 quotations and attribution lines from the supplied campaign homepage are reproduced below. These include statements from the campaign’s signature-gathering period.

At a time of unprecedented and growing wealth consolidation and income inequality, I strongly support the grassroots effort in California to impose this reasonable and necessary 5% wealth tax on about 200 California billionaires.

U.S. Senator Bernie Sanders

In California alone, 16 [rural hospitals] are at risk. If we don’t take action, many will almost certainly be forced to close, and the impact will be devastating for so many of us.

Frank Espinosa, healthcare worker at Mercy Medical Center

This initiative would provide the necessary funding to prevent over three million working class Californians from losing the healthcare they currently have — and would help prevent the closures of California hospitals and emergency rooms.

U.S. Senator Bernie Sanders

When federal leaders choose tax breaks for billionaires over keeping our hospitals and ERs open, working families pay the price.

Andres Gonzalez, a frontline healthcare worker and Maywood, CA resident

I’m collecting signatures because if we don’t get the billionaire tax on the ballot, more and more clinics will close.

Diego Rubalcava-Alvarez, volunteer for the Billionaire Tax Act campaign

Californians won’t stand by while essential care is put at risk.

Matt Schlegel, Palo Alto campaign volunteer

It should be common sense that the billionaires pay just slightly more so that entire communities can preserve access to life-saving medical care. Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires.

U.S. Senator Bernie Sanders

By standing together to ensure that billionaires pay their fair share, we can protect the healthcare services our communities depend on.

Dr. Jackline Lasola, OBYGN physician and member of CIR-SEIU Local 1957

Healthcare is the difference between stability and collapse for millions of families.

Nidal Rafeedie, Respiratory therapist and Vice President of Teamsters Local 1932

Here's the truth: if California doesn't tax the billionaires, hospitals will close their doors forever, and the patient care crisis will get much, much worse.

Mayra Castaneda, Ultrasound technologist and SEIU-UHW West member leader

Without my medication, my health, and my life, are at risk.

Lisandro Preza, UNITE HERE Local 11 member and a Medicaid patient who lost coverage

THE BIG PICTURE:

prop 40 can stop the healthcare collapse

The wealth of U.S. and California billionaires has grown enormously over the past decades — much faster than overall economic growth. In 1982, the wealth of the top .0002% Americans was about 2% of the country’s GDP (gross domestic product). In 2025, it has increased to 20% of GDP. From 1982 to 2025 the annual growth of billionaire’s wealth has been 7.5% per year, five times the growth of average incomes over the same period (1.5% per year).

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