Proposition 42 – Personal Property and Retroactive Taxes
Proposition 42 – Personal Property and Retroactive Taxes
Position: Support
Prohibits new state taxes on the ownership or control of personal property—including financial assets and business interests—and prohibits certain retroactive state taxes.
Link: More Information
Arguments in Support: The measure’s ultra-wealthy backers say California should not tax people for merely owning or controlling retirement accounts, financial portfolios, or valuable personal possessions such as art. They want to prevent taxes on unrealized gains—paper wealth that has not been sold or generated taxable revenue—warning that pensions and retirement accounts could one day be taxed on their future value.
Arguments in Opposition: The chief opponent is SEIU-United Healthcare Workers West, the sponsor of Proposition 40. The union argues that Proposition 42 is designed to trick voters into making it impossible to apply a wealth tax to billionaires. According to the union, Proposition 42 is not about preventing new taxes on everyday people; instead, it is a way for billionaires to avoid paying a one-time tax on their wealth.
Support
· Reform California
· Building a Better California
· Google co-founder Sergey Brin
· Peace Officers Research Association of California
· California Professional Firefighters
· State Building and Construction Trades Council of California
Oppose
· SEIU-United Healthcare Workers West