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Proposition 42
Proposition 42
California · November 3, 2026
What this measure does
Prohibit the enactment of new taxes after January 1, 2026 on ownership or accumulation of retirement holdings, individually-owned assets, and other forms of personal savings
A yes vote means
Starting January 1, 2026, the state cannot create new taxes on retirement savings, personal assets, or accumulated wealth.
A no vote means
The state retains the ability to create new taxes on retirement savings and personal assets without this restriction.
Simple explanation
Imagine the government is thinking about creating new taxes on things like your retirement savings, your house, or your investments. This measure would basically say 'no, you can't do that' starting in 2026. It's like putting a lock on the door so the government can't add new taxes to your personal savings and retirement accounts.
Who's for it, who's against it
Support
- California Black Chamber of Commerce
- California Enlisted Association of the National Guard of the United States
- California Multicultural Business Alliance
- California Senior Alliance
- California Small Business Association
- California Taxpayers Association
- Contra Costa Taxpayers Association
- Disabled American Veterans Department of California
- Eric Schmidt - Former CEO of Google
- John Doerr - Chairman of Kleiner Perkins
- Max Levchin - CEO of Affirm
- Mike Hedges, president of the California Small Business Association
- Patrick Collison - CEO of Stripe
- Placer County Taxpayers Association
- Reform California
- Sergey Brin - Google Co-Founder
- Stewart Resnick - President and Chairman of The Wonderful Company
- Tom Hudson, president of the California Taxpayer Protection Committee
- Tony Xu - CEO of DoorDash
- Ventura County Taxpayers Association
- Yes to Protect Retirement and Life Savings campaign website
Source: Ballotpedia