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Insecurity Princess 🌈💖🔥@[email protected]

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/

CalMatters website text: Would it allow the state to tax my retirement? If you’re not a billionaire, no. Even for billionaires, Prop. 40 exempts pensions and individual retirement accounts from the asset tax. There are some exceptions, most notably for Roth IRAs that contain more than $10 million. Misleading advertisements from opponents claim the tax would allow California soon to eat into retirement savings for average Californians. They’re supporting Prop. 42, which would block the proposeCalMatters website text: Proponents of Prop. 42 say their measure would protect the pensions and retirement accounts of teachers, firefighters and middle-class workers from being taxed before they withdraw the money. “A new tax on Californians’ retirement and life savings would be devastating,” Robert Gutierrez, president of the California Taxpayers Association, said in a press release. There are no active proposals to tax those accounts on the ballot or in the Legislature. Lawmakers who haveText message screenshot: Proposition 42: Prohibits new state taxes on personal property - including retirement and savings accounts. Politicians shouldn't be able to tax your retirement or savings. Hi this is Cristina with YES on Prop 42. Not everyone knows this but the legislature has tried to pass taxes on retirement and personal savings accounts FIVE TIMES in the last 6 years! And there’s nothing currently in our state constitution to stop them. YES on Prop 42 provides new constitutional
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
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Oct 28, 2026 · 21:54 UTC

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Insecurity Princess 🌈💖🔥@[email protected]
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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 #Prop40 #Prop42 #voting

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