A billionaire-backed constitutional amendment that will bar future taxes on personal property and retirement accounts has been approved by voters, according to the Associated Press. The approval of Proposition 42 could add a hurdle to passing future wealth taxes like the defeated, one-time 5% wealth tax on billionaires envisioned by Prop. 40.
Preliminary results as of 5:48 p.m. Friday showed Prop. 42 winning about 51.7% of the vote, with about 48.3% voting no.
The measure was one of two proposals on the ballot that sought to void Prop. 40 with poison pill provisions. Had Prop. 41 or Prop. 42 passed alongside the wealth tax, the measure with the most votes would have taken precedence…