A multi-level transmitter circuit with substantially constant output impedance has a capacitive transducer connected between a voltage input and ground. A first voltage path connects the voltage input to a first positive voltage source. The first voltage path is controlled by a first control signal. A second voltage path connects the voltage input to a second positive voltage source, less than the first positive voltage source. The second voltage path passes through a diode and is controlled by a second control signal. A third voltage path connects the voltage input to a third voltage source, less than ground, and is controlled by the second control signal. The impedance at the voltage input during the first control signal is substantially the same as the impedance at the voltage input during the second control signal.