{"id":802,"date":"2026-09-08T18:11:42","date_gmt":"2026-09-08T18:11:42","guid":{"rendered":"https:\/\/churchimpact.org\/?p=802"},"modified":"2026-09-08T18:11:42","modified_gmt":"2026-09-08T18:11:42","slug":"proposition-42-prohibit-new-taxes-on-retirement-holdings-personal-assets-and-savings-and-limit-retroactive-taxes-initiative-constitutional-amendment","status":"publish","type":"post","link":"https:\/\/churchimpact.org\/index.php\/2026\/09\/08\/proposition-42-prohibit-new-taxes-on-retirement-holdings-personal-assets-and-savings-and-limit-retroactive-taxes-initiative-constitutional-amendment\/","title":{"rendered":"Proposition 42.\u00a0\u00a0Prohibit New Taxes on Retirement Holdings, Personal Assets, and Savings and Limit Retroactive Taxes Initiative. Constitutional Amendment."},"content":{"rendered":"\n

California Church IMPACT recommends a NO vote<\/strong><\/p>\n\n\n\n

This measure, a constitutional amendment, would permanently prohibit the kinds of taxes proposed in Proposition 40 on individuals with $1 billion or more in income and assets. Part of what Proposition 40 would tax is retirement holdings and savings for those above that threshold.<\/p>\n\n\n\n

The public case for Proposition 42 leans heavily on concern for the retirement savings of ordinary working people \u2014 as if any of us hold $1 billion or more in those accounts. (If you do, we\u2019d be happy to discuss a tax-deductible donation.)<\/p>\n\n\n\n

Proposition 40 has no bearing on \u201cwidows and orphans\u201d and won\u2019t touch the vast majority of Californians in any way. Nor will it risk turning billionaires into people sleeping under bridges. This is a shameless attempt to make voters fear losing their hard-earned savings and retirement plans, when the measure it targets applies to billionaires only.<\/p>\n\n\n

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Small businesses would also be unaffected. The legal definition of a small business is 500 employees or fewer, assets not exceeding $15 million (not billion), and annual revenue of $5 million or less. A few industries qualify as small business outside that threshold, but even those remain in the millions-of-dollars range, not billions. None would be touched by Prop. 40.<\/p>\n\n\n\n

This measure is a cynical attempt to tug at voters\u2019 heartstrings with unwarranted fears about harming \u201csmall business.\u201d Whether one supports or opposes Proposition 40, these two provisions \u2014 41 and 42 \u2014 should be turned down either way. They serve no public interest and only add confusion to the ballot.  <\/strong><\/p>\n\n\n\n

Recommend a NO vote<\/strong><\/p>\n\n\n\n

Download a PDF of California Church IMPACT\u2019s complete Ballot Proposition Recommendations for the November 3, 2026, General Election here.<\/a><\/strong><\/p>\n\n\n\n

Sign up for our activist email list here.<\/a><\/p>\n\n\n\n

Support our work here!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

California Church IMPACT recommends a NO vote This measure, a constitutional amendment, would permanently prohibit the kinds of taxes proposed in Proposition 40 on individuals … Read More ›<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[4,5],"tags":[14,15,16,24,13],"class_list":["post-802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic-justice","category-elections","tag-ballot-recommendations","tag-california-ballot-propositions","tag-californiachurchimpact","tag-economicjustice","tag-elections"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/churchimpact.org\/wp-content\/uploads\/2026\/09\/No-on-42.jpeg?fit=634%2C482&ssl=1","_links":{"self":[{"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/posts\/802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/comments?post=802"}],"version-history":[{"count":1,"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/posts\/802\/revisions"}],"predecessor-version":[{"id":805,"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/posts\/802\/revisions\/805"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/media\/804"}],"wp:attachment":[{"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/media?parent=802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/categories?post=802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/churchimpact.org\/index.php\/wp-json\/wp\/v2\/tags?post=802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}