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Prohibits any new state tax (1) imposed on the ownership of personal property (all things people own other than real estate), or (2) that applies retroactively based on taxpayer’s past activities. Nullifies taxes enacted after January 1, 2026 that conflict with this measure.
Official source: https://voterguide.sos.ca.gov/propositions/42/index.htm
Source captured 2026-10-08.
The state could not establish new taxes on the ownership of financial assets or other personal property.
The state would continue to have the option to establish new taxes on the ownership of financial assets or other personal property.
Official voter guide · source captured 2026-10-08. Read the official overview
Prepared by the Attorney General. Read the official title and summary
Legislative Analyst’s estimate, published in the official voter guide. Read the complete analysis
Certain Personal Property Is Taxed in California. Both the state and local governments tax the ownership of certain personal property. These taxes are based on the property’s value. Personal property is all the things that people own other than real estate. One example of these kinds of taxes is the vehicle license fee that car and truck owners pay to the Department of Motor Vehicles each year. Another example is the property taxes owners of business equipment pay to the county each year.
Ownership of Financial Assets Is Not Taxed. The ownership of many types of personal property is not taxed. One major example is financial assets like stocks and investment accounts. Although the state does tax income people make from their financial assets, there is no tax for simply owning those assets.
Figures and full document formatting are available in the official analysis.
Prohibits New Taxes on Financial Assets or Other Personal Property. Under Proposition 42, new taxes on the ownership of financial assets or other personal property would not be allowed.
Limits Retroactive Taxes. Proposition 42 limits the situations that a ballot measure or the Legislature can raise any tax retroactively. A retroactive tax is one that applies to things that happened in the past. An example is a tax on money someone earned two years ago.
Figures and full document formatting are available in the official analysis.
Possibility That Tax Revenues Will Be Lower in the Future. Proposition 42 restricts the options the state has to raise taxes in the future. This could make it somewhat harder for the state to raise taxes. This could reduce future tax revenues. When and by how much future revenues would be reduced is unclear.
Figures and full document formatting are available in the official analysis.
These are the authors’ advocacy statements, not impartial analysis or CalBallot endorsements. Official agencies have not checked these arguments for accuracy.
California’s Constitution currently allows the Legislature to tax retirement and savings—even though you already paid taxes on that money when you earned it! Prop. 42 protects Californians from this double taxation, by prohibiting new and retroactive taxes on personal property, including retirement and savings. You earned it. Prop. 42 protects it.
This is just another billionaire-funded trick. Prop. 42 isn’t really about protecting your retirement savings—its only real purpose is to undo the California Billionaire Tax. Billionaires would rather millions of Californians lose healthcare than pay a modest tax on their extreme wealth. Vote NO on 42.
Read the full arguments, authors and rebuttals
These are the submitted lists in the official overview, not exhaustive lists of endorsements. “None submitted” does not mean no opposition exists.
Official voter guide · source captured 2026-10-08. Read the official overview
SOS-reported contributions to primarily formed committees. These are contributions, not spending. Some committees work on several measures or transfer money to other committees; do not add these figures across measures or treat them as unique donor dollars.
$110,827,037
Reported through 2026-10-06 · 1 committee(s)
$703,494
Reported through 2026-10-06 · 1 committee(s)
SOS contribution totals and reporting scope · captured 2026-10-08.
FPPC list updated 2026-10-06. These lists cover qualifying committees, not every donor or all campaign money. They are not a breakdown of the SOS totals above: the sources have different reporting coverage, and even one FPPC donor amount can exceed a displayed SOS total. An asterisk (*) marks money for a committee involved in multiple measures; it cannot be allocated to this measure alone. Lists below are not added together.
Open the FPPC lists and methodology
This is a reporting snapshot. A contribution timeline, donor concentration and sector breakdown have not been calculated for these 2026 records. Earlier elections’ receipt totals use CalBallot’s separate historical finance dataset.