Ballot Stakes · Nov 3, 2026 · Irvine, CA
Prop 42: Ban new state taxes on personal property (savings, retirement, business interests) and on retroactive taxes
Prop 42 amends the constitution to bar any new state tax on owning savings, retirement or business assets and on retroactive/residency-based taxes; it would void Prop 40 if it outpolls it.
A Yes vote means
The state cannot create any new tax on owning or controlling personal property: pensions, 401(k)s/IRAs, mutual funds, stocks, business interests, intellectual property, digital assets, personal belongings.
A No vote means
The state keeps the option to enact taxes on asset ownership and retroactive taxes (for example a wealth tax), subject to voters or the Legislature.
Who pays: mostly poor and middle class pay. Whose pocket it lands in: almost entirely ends with billionaires.