California voters will decide in November 2026 whether to make permanent the high-earner income tax surcharge first approved in Proposition 30 (2012) and extended through 2030 via Proposition 55 (2016). The measure, which qualified for the ballot in June 2026, locks in marginal rates of 10.3–12.3 percent on individuals earning above roughly $360,000, directing $5–15 billion annually primarily to K–12 schools and community colleges. Strong early funding and endorsements from education unions have supported the current 62 percent implied probability for approval among traders, while opposition centers on concerns over revenue stability, effects on high-income migration, and the shift from temporary to indefinite taxation. No major new developments have altered positioning since qualification.