California voters will decide Proposition 3 in November 2026, which would amend the state constitution to make permanent the top marginal income tax rates on high earners—ranging from 10.3% to 12.3% for single filers above roughly $360,000—that voters approved in 2012 and extended in 2016 until their scheduled 2031 expiration. The measure, which qualified for the ballot in June 2026 with verified signatures exceeding the threshold, allocates most revenue to K-12 schools and community colleges. Trader consensus at 62% for approval reflects repeated past ballot support for the surcharge, organized backing from education unions, and the appeal of locking in $5–15 billion in annual revenue stability, offset by opposition from taxpayer groups citing concerns over tax permanence and high-income migration.