California voters face competing ballot measures in November 2026, with Proposition 42 seeking to amend the state constitution to bar new taxes on personal property ownership—including retirement accounts and savings—and limit retroactive taxation after January 1, 2026. Heavy funding from business-backed groups and high-net-worth donors has positioned the measure as a direct counter to the billionaire wealth tax initiative, creating a poison-pill dynamic where the higher-vote measure prevails if both pass. Affordability concerns and voter skepticism toward asset-based levies contribute to the close contest reflected in trader pricing, while early surveys show divided support for related tax proposals. Upcoming campaign spending, endorsements from small-business organizations, and any shifts in polling on revenue measures could alter the balance before election day.