California voters face a closely contested November 2026 ballot measure that would require pre-election audits by the State Auditor for citizen-initiated special taxes once 25 percent of signatures are collected, with findings included in the voter information guide, plus recurring four-year reviews of programs funded by new or increased special taxes enacted after January 1, 2026. The initiative also bars enforcement of any new state taxes exempt from the existing Gann spending limit. This measure emerged as a direct counter to the competing billionaire wealth tax proposal, drawing support from business interests and opposition from labor-backed groups. Trader consensus reflects uncertainty over campaign spending, voter priorities on tax oversight versus revenue needs, and potential interactions with other tax-related propositions on the same ballot. Key upcoming factors include final voter guide language and any late shifts in polling on fiscal restraint.