California voters will decide Proposition 3 in November 2026, which would amend the state constitution to make permanent the top marginal income tax rates (10.3–12.3%) on high earners above roughly $360,000 single/$721,000 joint that were first approved in 2012 and extended through 2030 via Proposition 55. The measure qualified for the ballot in June 2026 after signature gathering, with major support from education unions including the California Teachers Association. Revenues, estimated at $5–15 billion annually, flow primarily to K–12 schools and community colleges. Trader consensus around 62% for passage reflects historical voter approval of prior extensions, organized labor backing, and the measure’s focus on locking in existing revenue streams rather than new tax increases, tempered by the presence of competing wealth-tax initiatives and typical opposition from high-income taxpayers.