California voters face competing November 2026 ballot measures, including this initiative constitutional amendment that would bar new state taxes on personal property ownership such as retirement accounts, financial assets, and business interests, while also limiting retroactive taxes based on prior residency or conduct. The measure emerged as a direct counter to a separate one-time 5% wealth tax on billionaires, which applies retroactively to January 1, 2026, residents and aims to offset federal healthcare funding reductions. Trader sentiment remains closely balanced near even odds because business and anti-tax groups back the prohibition for protecting savings and investment, while labor unions and some progressive backers of the wealth tax highlight revenue needs for state programs; the outcome hinges on turnout among higher-income voters, messaging around budget volatility, and any late shifts in polling on the paired tax proposals.