SACRAMENTO, CA — California Governor Gavin Newsom today announced his endorsement of Prop 42 to protect Californians’ retirement and personal savings from new state taxes. The Governor joins a broad and growing coalition of supporters including seniors, labor, small business, veterans, public safety, taxpayer advocates, and financial advisors groups supporting the measure, including firefighters, highway patrol officers, union workers, seniors, business leaders and veterans in supporting this effort. 

As families struggle to keep up with rising costs, recent legislative proposals have raised serious concerns about the future of retirement security in the state. Politicians have tried repeatedly to pass taxes on retirement and personal savings accounts, including AB 2088 (2019), AB 310 and ACA 8 (2021–22), and AB 259 and ACA 3 (2023–24). Prop 42 would protect the savings of Californians throughout the state. 

“I am proud to stand with firefighters, blue-collar unions, veterans, seniors, and small businesses in support of Prop 42,” said Governor Gavin Newsom. “We all agree that Californians deserve to have their retirement and life savings protected from new state taxes so those savings are there when they need them. That’s why I’m voting Yes on Prop 42.”

Prop 42 is supported by a diverse coalition of groups across California, including the State Building and Construction Trades Council of California, the California Professional Firefighters (CPF), the Peace Officers Research Association of California (PORAC), California Senior Alliance, the California Small Business Association, Disabled American Veterans, Department of California, the California Multicultural Business Alliance, and others.