The measure, appearing as Proposition 3 on the November 3, 2026 ballot, would extend indefinitely the higher marginal income tax rates on earners above roughly $360,000 (single) or $721,000 (joint) that voters first approved in 2012 and extended through 2030 via Proposition 55. Qualification in June 2026 followed submission of more than 1.6 million signatures, well above the required threshold. Backing from major education unions has framed the proposal as preserving $5–15 billion in annual revenue directed primarily to K–12 schools and community colleges, while opposition centers on taxpayer groups concerned about permanent rate hikes. Trader pricing at 70.5% for passage reflects the precedent of prior voter approvals of the same rates, the measure’s narrow focus on an existing levy rather than new taxation, and the absence of major counter-campaign developments through mid-August 2026.