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California Ballot Battle: Savings vs Billionaire Tax | San Jose News
California’s ballot this year pits a bold defense of personal savings against a proposed billionaire tax—two competing propositions that could reshape state revenue. Prop 42 would shield retirement accounts and personal assets from new taxes after 2026, backed by tech giants like Sergey Brin and Stripe’s CEO. But Prop 40, the “billionaire tax,” would hit the ultra-wealthy—only to be blocked if Prop 42 wins, since it would prevent retroactive taxes. A narrow emergency exception allows tax collection for disasters, but funds must be earmarked for those crises. Voters face a high-stakes choice…
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