California voters approved Proposition 42, a statewide ballot measure banning new taxes on personal assets including 401(k) accounts, retirement savings, business interests, digital assets and personal belongings.
The result stands today, Saturday, November 14, 2026. The narrow measure was supported by just over 51% of votes in favor and nearly 49% opposed, with about 96% of votes counted after a tally that began on Nov. 3, 2026.
The proposition bars new taxes on personal property, excludes real estate and prohibits retroactive taxes except in cases of a state-declared emergency.
It was placed on the ballot as a poison pill to nullify Proposition 40, a one-time tax on billionaires' assets, after voters rejected Proposition 40 but approved Proposition 42.
The approval means voters are concerned that retirement savings and personal assets might have been a target for taxation in the future.