Props 40, 41, 42 Explained: California's $118 Million Billionaire Tax Fight
California UndergroundAugust 11, 202600:00:00

Props 40, 41, 42 Explained: California's $118 Million Billionaire Tax Fight

He moved to Nevada to dodge California's billionaire tax — then spent $82 million fighting to kill it for everyone else. But that's only half the story: the union sponsoring Prop 40 has filed 48 ballot initiatives since 2012, and most never made it to a vote. Tonight we break down the $60 billion gap between the sponsor's revenue claim and the state's own estimate, the "poison pill" in Props 41 and 42 that could nullify a winning measure using a spending cap written in 1979, and the campaign filings showing the governor's own consultants running an opposition PAC — while his own party endorses the tax over his objection.

First episode in our six-part series covering every measure on California's November 2026 ballot.

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📌 Sources:

LAO Prop 40 Analysis: https://lao.ca.gov/BallotAnalysis/Proposition?number=40&year=2026
CalMatters Prop 40 Voter Guide: https://calmatters.org/california-voter-guide-2026/proposition-40-billionaire-tax/
CalMatters — Union/Hospital Deal & 48-Initiative History: https://calmatters.org/health/2026/06/health-ballot-measures-deal-billionaires/
CalBudgetCenter Prop 41 Breakdown: https://calbudgetcenter.org/resources/billionaire-tax-explained-what-proposition-40-would-mean-for-california/
SF Standard Campaign Finance / CADEM Endorsement: https://sfstandard.com/2026/08/02/california-democratic-party-endorses-prop-40-billionaire-tax/
SF Standard Who's Who: https://sfstandard.com/2026/03/09/california-billionaire-tax-2026-supporters-opponents/
OpenSecrets Donor Analysis: https://www.opensecrets.org/news/2026/05/healthcare-union-and-tech-titans-pour-millions-into-battle-over-californias-billionaire-tax-proposal/
california underground, california news, california politics, California podcast, Prop 40,
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