Six measures on your November ballot are about taxes, or about the rules for raising them. Several are designed to collide with each other. Mike sits down with CalMatters Capitol reporter Jeanne Kuang to untangle them.
Prop 2: The rainy day fund. Doubles the cap on the state's reserve to 20%, extends extra payments on pension debt to 2040, and changes how savings count against the Gann spending limit. We talk about why California's revenue swings so hard, and whether opponents are right to call the Gann change a loophole.
Prop 3: The high-earner income tax. Makes permanent the higher rates the top 2% have paid since 2012, which bring in $5–15 billion a year, mostly for schools. We get into why the teachers are going to voters five years early, whether "temporary, twice" is a fair hit, and how the CTA squares backing Prop 3 while opposing the billionaire tax.
Props 40, 41 and 42: The billionaire tax fight. Prop 40 is a one-time 5% tax on Californians worth $1 billion or more, mostly for Medi-Cal. Props 41 and 42, backed by the billionaire-funded Building a Better California, exist to stop it. If either outpolls Prop 40, the billionaire tax dies, even if it passes. Jeanne explains how a measure can win and still lose, why voters are backing all three at once, and what 41 and 42 would mean for California taxes long after this fight.
Prop 43: Local special taxes. Closes the door the courts opened after the Upland decision by requiring two-thirds of voters to approve citizen-initiated local special taxes. We dig into the deal with Howard Jarvis that put it on the ballot, and what it means for future local measures on transit, housing and homelessness.
About Jeanne
Jeanne Kuang is a Capitol reporter for CalMatters, covering state government, Gov. Gavin Newsom and the 2026 governor's race. She previously covered labor, homelessness and economic inequality, including award-winning reporting on how long California workers wait to recover stolen wages. Before CalMatters, she covered Missouri politics for The Kansas City Star. She grew up in the San Gabriel Valley and is based in Sacramento. Follow her reporting: https://calmatters.org/author/jeanne-kuang/
Billionaire tax explained: What you need to know about Prop. 40: https://calmatters.org/politics/2026/10/california-billionaire-tax-explainer/
The billionaire tax could be defeated by two other tax measures. Here's how: https://calmatters.org/health/2026/09/california-wealth-tax-prop-40-41-42/
Fact check: Could California lawmakers expand the billionaire tax to everyone?: https://calmatters.org/health/2026/10/prop-40-billionaire-tax-fact-check/
Will Californians back the billionaire tax? New poll shows a close race: https://calmatters.org/newsletter/billionaire-tax-proposition-poll/
5 tax measures are on the California ballot. Here's how to make sense of them all: https://calmatters.org/politics/2026/10/tax-propositions-ballot-measures/
Gavin Newsom backs measure to kill the billionaire tax and ban future wealth taxes: https://calmatters.org/politics/2026/10/newsom-tax-propositions-november-election/
🗳️ Official sources
CA Secretary of State quick reference guide (ballot labels and fiscal impacts): https://vig.cdn.sos.ca.gov/2026/general/pdf/quick-reference-guide.pdf
Key dates: Ballots went out by Oct. 5. Last day to register is Oct. 19. Election Day is Nov. 3.
Former Los Angeles City Councilmember Mike Bonin is a teacher, writer, activist, podcaster and local leader with nearly 30 years experience in government, politics, and public service.
