California voters face a closely contested November 2026 decision on Proposition 42, which would amend the state constitution to bar new taxes after January 1, 2026, on ownership or control of personal assets such as retirement accounts, financial holdings, and business interests, while also limiting retroactive taxes tied to prior residency or conduct. Early August polling showed 40% support, 37% opposition, and 23% undecided among likely voters, reflecting balanced sentiment shaped by dueling frames: one emphasizing protection of savings from double taxation and the other portraying the measure as a competing initiative designed to nullify the separate billionaire wealth tax proposal. Substantial spending from wealthy donors backing the measure and unions opposing it, combined with endorsements from labor groups and progressive figures, sustains the tight trader consensus near even odds ahead of the election.