California voters will decide Proposition 3 on the November 2026 ballot, a constitutional amendment to make permanent the top marginal income tax rates on high earners originally approved in 2012 via Proposition 30 and extended through 2030 by Proposition 55. The measure locks in brackets from 10.3% to 12.3% above roughly $360,000 single/$721,000 joint, generating $5–15 billion annually for K–12 schools and community colleges. It qualified for the ballot in June 2026 with backing from major education unions including the California Teachers Association. Trader pricing at 64% for approval aligns with historical passage margins and the absence of organized opposition campaigns to date, though the outcome remains subject to turnout patterns and any late shifts in economic conditions or competing ballot measures.