California voters face competing ballot measures on November 3, 2026, with Proposition 42 seeking to amend the state constitution to bar new taxes on personal property ownership—including financial assets, retirement accounts, business interests, and intellectual property—while limiting most retroactive taxes based on prior residency or conduct, with a narrow emergency exception. Governor Gavin Newsom’s recent endorsement has bolstered support by framing the measure as protection for middle-class savings, countering Proposition 40’s proposed one-time wealth tax on billionaires that applies retroactively to January 1, 2026 residents and directs proceeds to healthcare programs amid federal funding reductions. The closely balanced trader consensus at 50 percent reflects high-profile funding from backers such as Sergey Brin, union endorsements, and uncertainty over how the two measures’ vote totals will interact if both pass, alongside broader debate over future revenue flexibility versus taxpayer safeguards.