Compare positions on Proposition 42: Prohibits New State Personal Property Taxes And Certain Retroactive State Taxes. Initiative Constitutional Amendment. in California | Change.vote
Proposition 42: Prohibits New State Personal Property Taxes And Certain Retroactive State Taxes. Initiative Constitutional Amendment.
Proposition 42: Prohibits New State Personal Property Taxes And Certain Retroactive State Taxes. Initiative Constitutional Amendment.
California would change its Constitution to prohibit new state taxes on owning things other than real estate or on activities before the tax takes effect.
A Yes vote
A No vote
Proposal impacts
Impact on Stock owners
Stock holdings would face no new state tax merely for being owned. Income from selling stocks could still be taxed.
Stock holdings today face no tax merely for being owned. Gains from selling stocks are taxed as income.
Impact on Retirement saving seniors
Retirement savings would be shielded from future state taxes on their account balances.
Retirement savings today have no tax on their account balances, but lawmakers could create one later.
Impact on Equipment owning businesses
Business equipment would incur no newly enacted state tax based solely on ownership.
Business equipment today can face local property tax. The state remains free to create an ownership tax.
Impact on Past activity taxpayers
Past taxable activities generally would face no new state tax reaching back before its start date. Limited emergency taxes remain possible.
Past taxable activities today fall under state income tax rules tied to income and residency. Lawmakers retain authority to enact taxes reaching backward.
