Californians will face two competing tax measures this November. The first is the Billionaire Tax Act, a onetime, 5 percent levy on the accumulated net worth of the state's richest residents. Lesser known is the Retirement and Personal Savings Protection Act, which would draw constitutional lines around what Sacramento can and cannot tax, prohibiting new levies on retirement accounts, personal savings, and individually owned assets and banning retroactive taxation.
Everyone with even just a little bit of money set aside—not just the California billionaires targeted by the wealth tax—should understand what these two measures represent.
