Opinion

One Ballot Measure Extends California’s Taxing Power. Another Limits It. Stay Tuned.

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One Ballot Measure Extends California’s Taxing Power. Another Limits It. Stay Tuned.
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Veronique de Rugy
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Commentary

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.

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Veronique de Rugy
Veronique de Rugy
Author
Veronique de Rugy, Ph.D., is a senior research fellow at the Mercatus Center at George Mason University. She has testified numerous times in front of Congress on the effects of fiscal stimulus, debt, deficits, and regulation on the economy. Previously, de Rugy has been a resident fellow at the American Enterprise Institute, a policy analyst at the Cato Institute, and a research fellow at the Atlas Economic Research Foundation.