I don't expect I'll ever have over $10 million total, let alone in one place — but if I did, yeah, tax me Daddy, and lubricate those crumbly potholed roads with some sweet sweet wealth taxes.
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Insecurity Princess 🌈💖🔥
I write about power dynamics in engineering management
Insecurity Princess. Previously led Clod Security for Netflix. Queer femme mathematician. Dismantling systemic barriers in tech, one fencepost problem at a time
Wife of https://infosec.exchange/@sophieschmieg
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While it almost sounds good to prohibit taxing retirement savings and 401k, in practice it's written as a loophole that enables billionaires to accumulate immense untaxable wealth.
Prop 40 is a one-time tax, including a 5% tax on the amount exceeding $10 million in a Roth IRA. So a $12 million Roth IRA would have $2 million taxed at 5%, which is $100k — and again, that's a one-time tax.
California Proposition 41 and 42 advocates are dirty and misleading.
TLDR: prop 40 is a one-time billionaire wealth tax that exempts retirement savings and 401k. Roth IRAs are exempt up to $10 million.
Props 41 and 42 are attempting to block 40 by prohibiting wealth taxes. Their advocates are blatantly misleading voters by implying or saying that prop 40 or future wealth taxes may tax retirement savings.
#California #Prop40 #Prop42 #voting
https://calmatters.org/politics/2026/10/california-billionaire-tax-explainer/
CalMattersCalifornia’s billionaire tax would tax stocks and art. How would it work?Prop. 40 would create a first-of-its-kind billionaire tax in California. Experts explain the questions it raises — and the challenges