California voters will decide in November 2026 whether to approve Proposition 3, a constitutional amendment making permanent the top marginal income tax rates on high earners (10.3–12.3 percent brackets above roughly $360,000 single or $721,000 joint) that were first enacted via Proposition 30 in 2012 and extended through 2030 by Proposition 55. The measure, which qualified for the ballot in June 2026, would lock in $5–15 billion in annual revenue primarily for K–12 schools and community colleges, removing the scheduled sunset and addressing budget pressures from expiring temporary rates. Education unions and labor groups back the initiative, while taxpayer organizations oppose it; a separate billionaire wealth tax measure on the same ballot adds competitive dynamics. Trader consensus at 61.5 percent for passage reflects the measure’s alignment with prior voter-approved extensions alongside uncertainty over turnout, economic conditions, and overlapping fiscal proposals.