Vote No on Prop 40
They call Prop 40 a billionaire tax. But it’s really an Everyone tax.
Stop California’s dangerous Wealth Tax before it puts savings, retirement accounts, homes, small businesses, and California’s economy at risk.
Politicians Turned a $100 Billion Surplus into a Massive Deficit in Just Two Years. Now They Want Prop 40, a New Tax on What Californians Own, Not Just What They Earn.
California’s Cost of Living Keeps Climbing
California already has the highest income, sales, and gas tax rates in the nation and, not surprisingly, the highest cost of living. All those taxes still aren’t enough to support politicians’ out-of-control spending, which is how they just blew through a $100-billion budget surplus in two years.
Now, special interests and politicians want to go even further with Prop 40, an unprecedented California Wealth Tax that doesn’t just tax what you earn – it taxes what you own.
They call Prop 40 a “Billionaire’s Tax”, but it’s really an EVERYONE tax. Read the fine print and you’ll see this new type of tax can be applied to virtually anyone. Politicians currently can tax what you earn. That’s income tax. Whether through your paycheck, or the sale of a house, or sale of stock, or a withdrawal from your retirement account. In every case, the state only takes its cut AFTER you get paid.
Under Prop 40, the state can tax the underlying value of what you own, even if you never sell it or withdraw a dime. And the fine print lets the politicians expand the tax far beyond billionaires—to people like you. That means politicians can tax what you have already saved, not just what you earn. This is a massive expansion of their taxing authority, putting at risk your savings account, retirement account, and any other assets you own.
But that’s not all!
Prop 40, The California Wealth Tax:
Sets New Asset Disclosure Requirements
Requires every California resident to file a sworn declaration disclosing the value of all their assets – YOUR home, retirement savings, investments, and more.
Gives the State Legislature More Taxing Power
Gives the State Legislature power to expand the tax from billionaires to every taxpayer and change what gets taxed.
Creates Bigger Budget Problems
Does nothing to stop the waste and reckless spending that turned a $100 billion surplus into years of massive budget deficits.
Don’t be fooled.
Prop 40 Is an
EVERYONE TAX.
Why Prop 40’s Wealth Tax Is Wrong for California
Prop 40 Is A Slippery Slope to Taxing YOU
Prop 40 claims to only apply to billionaires, but the politicians in the Legislature would have the power to expand it to anyone. Today it’s billionaires. Tomorrow it could be YOUR retirement account or home equity.
Prop 40 Creates an Asset Declaration Mandate
EVERY California resident would be required to file a sworn government declaration – under penalty of perjury – listing the value of their personal assets.
Prop 40 Drives Innovators Out of California
Prop 40 will push entrepreneurs, job creators, and businesses out of the state, harming California’s long-term budget. The state already relies on the top 1% for nearly 40% of revenue – losing them means bigger deficits and higher taxes for those who remain. The Hoover Institution estimates the state will lose $25 billion in income-tax revenue over four years.
Prop 40 Makes the Cost of Living Worse
Californians are already struggling with skyrocketing housing costs, gas prices, and grocery bills. Adding a new layer of taxation only deepens the affordability crisis.
Don’t be fooled.
Prop 40 Is an
EVERYONE TAX.
Vote No on Prop 40
Join the opposition to protect California from a dangerous new tax that threatens our economy, our savings, and our future.
News & Updates
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