California voters face Proposition 42 in November 2026, a constitutional amendment barring new state taxes on personal property ownership—including retirement accounts, financial assets, and business interests—along with most retroactive levies based on prior conduct or residency status. The measure emerged as a direct counter to the competing Billionaire Tax Act, which targets net worth above $1 billion with retroactive application from January 2026. A recent UC Berkeley poll showed 40% support, 37% opposition, and 23% undecided among likely voters, reflecting divided views on revenue protection versus limits on future taxation. Trader consensus remains near even as organized labor backs the wealth tax while business and taxpayer groups fund opposition, with outcomes likely hinging on turnout, late campaign messaging on fiscal impacts, and any shifts in polling aggregates before election day.