The amendment defines Retirement holdings, individually-owned assets, and other forms of personal savings to include “pensions; retirement accounts, including but not limited to 401 (k) accounts, 403(b) accounts, and all other individual retirement accounts; mutual funds; and all personal property, whether tangible or intangible, including but not limited to financial assets, investment accounts, business interests, digital assets, intellectual property, personal belongings, and other assets used to produce or collect income or savings for retirement or financial planning.”[1]

The initiative contains a competing measures provision stating that, if this initiative receives more votes than the competing measure, it would prevail in its entirety over any other measures on the 2026 ballot related to taxing personal assets.[1]

So it’s outlawing taxes on any form of property. Yep, the prop name about retirement accounts and format is totally a lie to prevent a billionaire tax.