In the last few years alone, the Legislature and special interests have introduced six separate proposals that would tax retirement and savings accounts.

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  The guide does not name the six proposals. The Yes on 42 campaign's own website lists five: AB 2088, AB 310, ACA 8, AB 259, and ACA 3, introduced between 2019 and 2024. They are wealth-tax proposals, three bills and two constitutional amendments: AB 2088 (2019-20, Bonta and others): an annual tax of 0.4 percent on worldwide net worth above $30 million ($15 million for married taxpayers filing separately), directly held real property excluded; the text lists pension funds and interest-bearing savings accounts among the assets reported toward net worth. Last recorded action 2020-11-30, from committee without further action; it did not become law. AB 310 (2021-22, Lee, Santiago, Lorena Gonzalez): a 1 percent tax on worldwide net worth above $50 million ($25 million filing separately) plus a 0.5 percent surtax above $1 billion ($500 million), with the same asset reporting; died 2022-01-31 under Article IV, Section 10(c), never leaving the Assembly Revenue and Taxation Committee. ACA 8 (2021-22, Lee and others): a constitutional amendment that would authorize the Legislature to tax "all forms of personal property or wealth, whether tangible or intangible"; its text does not address retirement accounts by name; last action 2022-11-30, from committee without further action. AB 259 (2023-24, Lee): the same net-worth tax design as AB 310 (1.5 percent above $1 billion for 2024-2025, then 1 percent above $50 million plus a 0.5 percent surtax above $1 billion from 2026), pension funds and savings accounts counted toward net worth; held on the suspense file 2024-01-10 and died 2024-01-31 under Article IV, Section 10(c). ACA 3 (2023-24, Lee): the same tax authorization as ACA 8, without its task-force section; last action 2024-11-30, from committee without further action. Each bill taxed net worth above $30 million or $50 million, not accounts as such, though pension funds and savings accounts count toward net worth. None became law. The count of six does not match the campaign's own list of five.

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  Vetted · Oct 3, 2026

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