California Prop 42 Voter Guide

California voters in November will decide on Proposition 42, which aims to prohibit new taxes on retirement and personal savings assets effective after January 1, 2026, and limit retroactive taxation. The measure could also nullify Proposition 40, the proposed billionaire tax, by conflicting with its provisions. Supporters, including small business and senior groups, argue it protects against taxes on personal property, while opponents, backed by a major labor union and billionaire-funded groups, contend it is a tactic to avoid wealthy tax contributions.

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