There is a legitimate debate to be had about whether the wealthiest Californians should pay more in taxes. But Proposition 40 is the wrong tax, structured the wrong way, and would only make California’s budget problems worse. Even voters who believe billionaires should contribute more should reject a measure that is so poorly drafted. Proposition 40 is ballot-box budgeting at its worst: a one-time tax that would raise tens of billions of dollars ostensibly for healthcare — but has insufficient guardrails to ensure the funds are spent to actually address Californians’ most pressing healthcare needs. Instead, the funds could go to any interest group, including health insurance companies, pharmaceutical companies and for-profit hospitals. These sectors all play an important role in our healthcare system, but we should not allocate precious taxpayer dollars to subsidize these for-profit corporations. Equally problematic: Proposition 40’s proponents excluded other key state priorities like education, public safety, housing, wildfire prevention and more. California is confronting persistent deficits, struggling public schools, a housing and homelessness crisis, rising costs for families, and growing …