Personal Property Taxes
What it is
Proposition 42 prohibits new state personal property taxes and certain retroactive state taxes. California and local governments already tax ownership of certain personal property based on the property’s value. There are many types of personal property that California does not tax, including owned stocks and investment accounts. Proposition 42 would prohibit new taxes on ownership of financial assets or other personal property. The measure would also limit the ability for ballot measures and the Legislature to tax retroactively.
What Your Vote Means
Voting YES
The state could not establish new taxes on the ownership of financial assets or other personal property.
Voting NO
The state would continue to have the option to establish new taxes on the ownership of financial assets or other personal property.
Arguments
Supporters say
Proposition 42 will prevent any potential new special tax on retirement savings and investment accounts. California Professional Firefighters, State Building & Construction Trades Council of California and AMVETS Department of California are among those who support the measure.
Opponents say
Proposition 42 will restrict the state’s ability to raise revenues to fund critical services and community care. SEIU United Healthcare Workers West and Vermont Sen. Bernie Sanders are among those who oppose the measure.
Fiscal Impact
Possibility that tax revenues will not go up as much in the future.
Campaign Finance
Supporting
$127,977,037
21 contributions · 4 contributors
- Building a Better California$127,800,000
- PEACE OFFICERS RESEARCH ASSOCIATION OF CALIFORNIA POLITICAL ISSUES COMMITTEE (PORAC PIC)$150,000
- Reform California with Carl De Maio - Ballot Measure Committee$22,537
- REFORM LOCAL GOVERNMENT PAC$4,500
Opposing
$1,374,298
23 contributions · 16 contributors
- Million More Voters, Sponsored by the California Labor Federation, AFL-CIO$500,000
- Davis, Alan$300,000
- United Domestic Workers of America Issues PAC$250,000
- California Federation of Teachers COPE Prop/Ballot Committee$100,000
- PACE of California School Employees Association Issues$100,000
- Excessive Wealth$40,000
- Connell, William$25,000
- Esler, John$25,000
- California Donor Table Issues Committee$20,000
- Olsen, David$5,000
Show 6 more
- Moon Siefert, Linda$2,548
- Lindsay, Katherine$2,500
- Ottinger, Lawrence$1,250
- Irani, Lilly$1,000
- Sefton, Raquel$1,000
- Wallace, Margaret$1,000
Last updated on October 19, 2026. Source: CA Secretary of State Power Search