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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

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.