California voters will decide on 14 statewide propositions on the November ballot, covering topics such as taxes, voting rights, healthcare, housing, and the environment. Among the measures is Prop. 2, which would allow the state to deposit more money into its reserves, known as the rainy day fund. The state has strict rules about how much money it can save for lean times due to limits imposed during the 1970s taxpayer revolt. Prop. 3 would turn a temporary income tax for high earners into a permanent law, targeting those with individual income over $360,000. The tax, enacted in 2012, funds K-12 education and community colleges.
Prop. 40, known as the billionaire tax, would enact a one-time 5% tax on billionaires’ net worth, raising roughly $100 billion over five years. Proponents argue the money will help healthcare programs facing funding cuts, while opponents say California relies on these billionaires for tax revenue. Prop. 40 is so controversial that its opponents have two rival ballot measures, Prop. 41 and Prop. 42, which would invalidate the billionaire tax. Prop. 43 would make it harder for local citizen-driven tax referenda to pass, requiring two-thirds of the vote instead of a majority.
Prop. 1 would authorize the state to borrow up to $11.25 billion toward housing construction and renovations, mostly for rental units. Developers and local governments receiving the money would have to reserve a portion for affordable housing for low-income renters or specialized housing for the homeless. Some money would also be earmarked for first-time homebuyers, veterans, farmworkers, students, and California’s tribal communities. Prop. 37 would create a loan fund to help middle-class homebuyers with their down payment.
