About:
Prop 42 would prohibit new taxes on personal property or things you own. Currently people are paying for stock portfolios, retirement accounts, and business stakes. Prop 42 would prevent a wealth tax by banning the states from taxing you from personal assets which aren’t real estate. As of current, people are constantly being double taxed, when you first get your paycheck and in your personal property such as the retirement account.
Argument For:
The argument for Proposition 42 is revolving the double tax in California and the retirement funds. Their effectiveness comes from sympathizing with general public on the delay of retirement of senior citizens. Stating that people of age of retirement and being conditioned to work extra years due to their retirement assets being taxed. To back this the proposition ads go on to talk about the double tax that happens when you recieve your money and the tax from the personal assets. The tax on the retirement/savings account varies from 10-37% that is based on total income.
Argument for against:
The argument against Prop 42 focuses on the falsification of the proposition stating that prop 42 is tricking voters by talking about their retirement money when the focus is trying to nullify Proposition 40 to prevent a tax on billionaires. Prop 42 isn’t about preventing new taxes on everyday people but as a way for billionaires to dodge a tax that would benefit society.
Supporters:
Reform California
Building a Better California
Google co-founder Sergey Brin
Peace Officers Research Association of California
California Professional Firefighters
State Building and Construction Trades Council of California
Prop 42 is supported by billionaire corporations to prevent the billionaire tax.
Opposers:
SEIU-United Healthcare Workers West
California Democratic Party
Prop 42 is opposed by those who want the billionaire tax and who want a more equal distribution of wealth. The people who want the billionaires to pay their fair share.
Prop 42 vs. Prop 40
If Prop 42 were to pass then, it would completely nullify Prop 40 (billionare tax). Even if Prop 40 were to get more votes, as long as Prop 42 passes then it would nullify Prop 40. It would prevent the double taxation and leave citizens with the peace that the money they saved will be there when needed. If both propositions were to pass then proposition 42 would will nullify proposition 40. However, the passing on Prop 40 would tax the billionaires in order to reallocate that money into other institutions where its needed. If Prop 42 were to pass then the healthcare costs would skyrocket.