"California has not attempted to broadly tax retirement account balances or savings assets for residents, despite urgent warnings suggesting otherwise."
"The retirement measure would bar the state from imposing new taxes on the ownership or control of personal property, including financial assets and business interests."
"California ranked No. 8 on a list of states with the strongest retirement savings and home equity levels, according to 2022 U.S. Census Bureau data."
"A typical California household has a median net worth of $295,838 and median retirement savings of $96,131, indicating strong financial health among residents."
Recent messages warned Californians about potential new taxes on retirement and savings accounts. However, state tax policy experts clarify that California has not pursued broad taxation of these assets. The messaging is linked to proposed constitutional changes affecting future tax types. A retirement measure aims to prevent new taxes on personal property ownership, excluding real estate and income from assets. California ranks high in retirement savings, with a median household net worth of $295,838 and significant retirement savings among residents.
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