Savings

Proposition 42 would prohibit new taxes on “retirement holdings, individually-owned assets, and other forms of personal savings” that take effect after Jan. 1, 2026. That includes financial assets, investment accounts, intellectual property, personal belongings and other assets used for retirement or financial planning.

It also would bar retroactive taxes on past earnings unless the state is using revenue from the tax to respond to emergencies such as a fire or a flood.

Proposition 42 could nullify Proposition 40, the proposed billionaire tax, because the two measures conflict with one another. If voters approve both, the one with the most “yes” votes generally would become law, according to the Legislative Analyst’s Office.

Proposition 42 could reduce state tax revenue but it’s unclear by how much, according to the office’s analysis. Currently, the state does tax certain personal property such as vehicles. It doesn’t tax people for owning financial assets like stocks and investment accounts but does tax income from them.

One in five holidaymakers who book trips well in advance later discover the same flight or hotel has dropped in price as the departure date nears, according to new research.

Researchers explored whether travellers are more likely to identify with a traditional, take-charge Type A personality (54%) or a more laid-back Type B approach (31%) when booking and enjoying a holiday.

Type A travellers prefer to meticulously plan every detail of their trip well before setting off, while Type Bs are more likely to go with the flow and embrace the unexpected when they’re away.

But the study of 2,000 adults who have travelled abroad in the last three years found 20% of Type A travellers later spotted the exact flight or hotel they had spent weeks researching available for significantly less .

Another 10% said they had lost money trying to amend or cancel rigid bookings when their plans changed. Despite that, almost three quarters (73%) of Type As said booking a holiday just a week before departure feels too risky .

However, 36% of Type B travellers said they feel confident there is little risk of missing out on their dream destination, even without planning months in advance.

The research was commissioned by lastminute.com to mark the launch of its ‘Travel Bgents’ platform, a hub that rewards Type B bookers with extra discounts.

Zoë Fidler, from the holiday firm, said: “There’s a common misconception that Type B travellers are just unstructured non-planners who leave things to chance. In reality, they are the savviest bookers in the game.

“Type B travellers have simply realised that holding off on pressing ‘book’ is the smartest move you can make, knowing they can get what they want and at a great price.”

Even so, a quarter (25%) admitted they wish they could embrace a more spontaneous approach and have the confidence to book a trip without overthinking.

Around 30% of Type B travellers said they feel reassured they could change plans on a whim when leaving it late to lock in their trip.

And it’s not just about saving money and planning time. Some 42% of Type B travellers said spontaneous adventures while on holiday create lasting memories — compared with 20% of Type A travellers .

Type B travellers were also more likely to say they stumble across hidden gems (36% vs 28%) or enjoy unexpected moments (42% vs 20%).

Zoe Fidler added: “By holding out for the right moment, Type B’s unlock premium trips at a fraction of the cost, without the over-planning.

“Leaving it to the last minute isn’t about compromising or settling for leftovers; it’s an intentional, high-reward strategy.”