Yes on Prop 42

[Brad Forschner]

A “yes” vote supports this initiative to amend the California Constitution to prohibit the enactment of:

• new taxes after January 1, 2026, on ownership or control of retirement holdings, individually-owned assets, and other forms of personal savings, and
• retroactive taxes that result in a tax liability based on conduct, activities, or a status that occurred or was present prior to the effective date of the tax.

 

Yes to Protect Retirement and Life Savings campaign website:

“Rising costs are affecting families everywhere. California’s high cost of living and existing taxes make it difficult to save. Many Californians struggle for decades to build a nest egg for retirement and their families’ futures. Now, some politicians want to start taxing Californians’ retirement accounts and other personal savings. Public resources should be managed responsibly, without imposing new taxes on our retirement savings.”

Tom Hudson, president of the California Taxpayer Protection Committee:

“It’s not surprising that voters support protecting their retirement and savings from new taxes. History shows that taxes sold as narrow taxes on the wealthy often end up reaching working and middle-class families. Californians want our state to do better with the money they already have. They shouldn’t get to take more money from Californians if they saved responsibly.”

Mike Hedges, president of the California Small Business Association:

“California is already a tough place for small businesses to survive. Rising rent, energy bills, payroll, and existing taxes leave many mom-and-pop shops struggling to make ends meet. This measure offers much-needed relief by stopping politicians from imposing new taxes on the mere ownership of small businesses, which will help local businesses keep their doors open.”

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