California voters to decide on Props 41 and 42, challenging the billionaire tax | CA Politics 360

California voters to decide on Props 41 and 42, challenging the billionaire tax | CA Politics 360

California voters will face two ballot measures this November—Propositions 41 and 42—that aim to challenge the proposed billionaire tax and other future taxes like it.

Proposition 41 seeks to increase oversight of state spending by requiring audits of any new special taxes before they are presented to voters. Additionally, revenue from such taxes would count toward the state spending limit, potentially allowing taxpayers to receive refunds instead of the funds being allocated to other state programs and services.

“Voters have told us already one of the top things on their agenda is they want more accountability and transparency, they want to know they’re going to get the bang for their buck that they’re giving to the state,” said Tracy Hernandez, a supporter of Proposition 41.

Separately, Proposition 42 would ban new state taxes on personal property and assets, including retirement accounts, personal savings, and investments. It would also impose strict limits on retroactive taxes, which apply to past situations.

“It’s a proactive measure to protect retirement and our life savings,” said AJ Johnson, a veteran and supporter of Proposition 42.

“For veterans specifically, we spent years serving and we can’t change how much we invested, or how much time we served our country and community. So yes on Prop 42 protects those funds we worked so far to save and have.”

The Service Employees International Union-United Healthcare Workers (SEIU-UHW) opposes Propositions 41 and 42. Suzanne Jimenez, the union’s chief of staff, described the measures as “a billionaire-funded trick to undo the billionaire tax.”

She said the proposed billionaire tax is a “modest one-time, 5% tax on the wealthiest people who really built their wealth on the public infrastructure and education system here in California.”

Jimenez noted the billionaire tax is meant to ensure hospitals and clinics stay open.

If the billionaire tax through Prop 40 and either Proposition 41 or 42 pass, the measure with the most votes will become law.

KCRA 3 Political Director Ashley Zavala reports in-depth coverage of top California politics and policy issues. She is also the host of “California Politics 360.” Get informed each Sunday at 8:30 a.m. on KCRA 3.