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Newsom Endorses Proposition 42 to Block Retroactive Billionaire Taxes
By Drooid · · How we work
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Story summary
- Governor Gavin Newsom (D-California) endorsed Proposition 42 to block retroactive billionaire taxes.
- Proposition 42 would prohibit retroactive taxes from Proposition 40 for any billionaire residing in California on Jan. 1 2026.
- Billionaire Sergey Brin, co-founder of Google, funds the measure to defeat the Billionaire Tax Act.
- Proposition 42 also bans new taxes on personal property, pensions and 401(k) accounts before retirees receive income.
