California voters will decide Proposition 3 in the November 2026 election, a constitutional amendment that would make permanent the top marginal income tax rates (10.3%–12.3%) on high earners above roughly $361,000 single or $721,000 joint, currently scheduled to sunset after 2030. The measure allocates most revenue to K–12 schools and community colleges, preserving $5–15 billion annually without altering existing rates. It qualified for the ballot in June 2026 after teacher union-backed signature gathering, following prior voter approvals in 2012 and 2016. The 65% implied probability for passage reflects the measure’s focus on maintaining established education funding amid state budget pressures, with limited recent campaign developments reported as of mid-August.