California voters face competing November 2026 ballot measures on a proposed one-time 5% wealth tax on roughly 200 state billionaires under Proposition 40, with revenue directed primarily to healthcare programs. Propositions 41 and 42, backed by substantial funding from opponents including Google co-founder Sergey Brin, would block or ban such asset taxes and related spending structures even if Prop 40 receives majority support, with the higher-vote measure prevailing in conflicts. Governor Gavin Newsom has endorsed Prop 42, while business groups, some labor organizations, and concerns over implementation, revenue volatility, and resident relocation have shaped the contest. These dynamics, alongside polling near or below 50% for the wealth tax and heavy opposition spending exceeding $200 million, underpin trader consensus favoring the opposing measures.