California voters face competing November 2026 ballot measures, with the Retroactive Tax Prohibition Proposition positioned to block new levies on personal property, retirement holdings, and other assets while limiting retroactive taxes tied to pre-enactment residency or conduct. The measure directly counters a separate billionaire wealth tax initiative that would impose a one-time 5% levy based on January 1, 2026 residency status. If both pass, the higher-vote measure prevails. Trader sentiment remains closely balanced around a narrow “No” edge, reflecting divided support from taxpayer groups and public employee unions versus opposition from progressive advocates favoring expanded revenue tools. Key variables ahead of the election include campaign spending, turnout among property owners versus service recipients, and any late shifts in polling on wealth taxation.