This measure would prohibit the state, and counties, cities, and other local jurisdictions in the state, from taxing any individual person based on any form of income. It would define “income” as having the same meaning as “gross income” specified in federal law (26 U.S.C. § 61). The measure would repeal an excise tax imposed on the sale or exchange of certain long-term capital assets by individuals who have annual capital gains of over $250,000.