California · Ballot measure · November 3, 2026
Proposition 42
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Prohibits New State Personal Property Taxes and Certain Retroactive State Taxes.
Official ballot information
- Official summary
- 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. Fiscal Impact: Possibility that tax revenues will not go up as much in the future.
- A YES vote means
- The state could not establish new taxes on the ownership of financial assets or other personal property.
- A NO vote means
- The state would continue to have the option to establish new taxes on the ownership of financial assets or other personal property.
- Fiscal impact
- Not listed in the source reviewed.
- Official links
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Official voter guide page (external site, opens in new tab)
Full text of proposed law (PDF) (external site, opens in new tab)
Legislative analyst's analysis (external site, opens in new tab)
Ballot arguments
In favor
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.
Against
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.
Official party recommendations
Democratic Party
Oppose
Republican Party
Support