California voters will decide in November 2026 on Proposition 3, a constitutional amendment to make permanent the top marginal income tax rates on high earners (roughly 10.3–12.3% brackets above $360,000 single/$721,000 joint) originally enacted via Proposition 30 in 2012 and extended through 2030 by Proposition 55. The rates, which generate $5–15 billion annually with most revenue directed to K–12 schools and community colleges, are set to sunset in 2031. The measure qualified for the ballot in June 2026 after strong backing from teachers’ unions and education groups that gathered signatures and raised substantial campaign funds. Historical voter approval of prior extensions, combined with the measure’s focus on stable school funding and limited visible opposition, supports the current trader consensus around a 70% chance of passage.