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Reform California has launched a statewide signature drive to qualify the Stop the Savings Tax Initiative, a ballot measure designed to block California politicians from imposing taxes on personal assets such as savings accounts, retirement funds, investments, and property.
The campaign comes on the heels of Reform California’s recent success submitting more than 1.3 million signatures to qualify CA Voter ID and the Save Prop 13 Initiative, which would restore the two-thirds vote requirement for local tax increases and block property transfer taxes.
“Sacramento politicians are constantly looking for new ways to squeeze taxpayers — and now they’re eyeing your savings, retirement accounts, and investments,” said Reform California Chairman and State Assemblymember Carl DeMaio. “Our Stop the Savings Tax Initiative will stop them from imposing these reckless taxes and protect the financial security Californians have worked their entire lives to build.”.
Stop the Savings Tax Initiative
The Stop the Savings Tax Initiative would prohibit California politicians from imposing new taxes on the value of personal assets such as:
The measure would also prohibit retroactive tax increases, which supporters say could otherwise allow politicians to impose taxes on wealth accumulated in previous years.
Audit Special Taxes Initiative
Reform California is also advancing the Audit Special Taxes Initiative, which aims to increase accountability and make it harder for politicians to impose special tax assessments on taxpayers.
The proposal would require audits of programs funded by special tax revenues and strengthen taxpayer protections before new special taxes can be imposed.
“Californians already pay the highest taxes in the nation, yet politicians in Sacramento keep trying to invent new taxes and schemes to take even more,” DeMaio said. “These initiatives will protect taxpayers by stopping a savings tax and forcing greater accountability whenever politicians try to impose special taxes.”
Signature Drive Underway
To qualify for both initiatives for the ballot, Reform California is mobilizing volunteers statewide while also funding a professional signature gathering effort over the next several weeks.
The organization has set an April 15 (Tax Day) deadline to collect and return signatures needed to qualify for the initiatives.
Polling shows roughly 70% of California voters support measures that block taxes on savings and assets, but organizers say the initiatives must first gather the required number of signatures to qualify for the ballot.
“We’re on a roll putting major reforms on the ballot — from Voter ID to protecting Prop 13 — and now we need to finish the job by blocking the savings tax and stopping special tax schemes,” DeMaio said.
“If Californians step up again, voters will have the chance in 2026 to protect their savings and hold Sacramento politicians accountable, DeMaio concludes”
How Supporters Can Help
Reform California is asking supporters to assist the campaign in two ways:
Volunteer to collect signatures for the initiatives in their communities and contribute to fund the signature drive.
Campaign organizers say roughly $250,000 still needs to be raised to complete the signature drive and ensure both initiatives qualify for the ballot.
With the Voter ID initiative and Save Prop 13 already moving forward toward the 2026 ballot, Reform California leaders say the campaign to block the savings tax and special taxes represents the next phase of a broader effort to protect taxpayers across California.
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