California voters face competing November 2026 ballot measures on taxation, with this initiative constitutional amendment seeking to bar new state taxes on personal property ownership—including retirement accounts, financial assets, and business interests—plus most retroactive taxes based on pre-enactment conduct or residency. It directly targets provisions in the companion billionaire wealth tax proposal, which imposes a one-time levy retroactive to January 1, 2026 residency. The measure qualified for the ballot in June 2026 after signature validation, and its poison-pill language would nullify the wealth tax if it receives more votes. Trader sentiment at a narrow majority for passage reflects the closely matched contest over asset taxation limits and retroactivity rules amid broader debates on revenue tools and voter approval requirements.