California voters will decide Proposition 3 on the November 2026 ballot, which would make the existing high-income tax rates (10.3–12.3% on single filers above roughly $361,000) permanent rather than allowing them to expire in 2031. The measure, which qualified for the ballot in June 2026 after prior extensions via Proposition 30 (2012) and Proposition 55 (2016), directs the bulk of the $5–15 billion in annual revenue to K-12 schools and community colleges. Trader consensus at 71.5% for approval reflects the precedent of past voter support for maintaining these rates on the top 2% of earners, the absence of any rate increase, and the linkage to broadly supported education and healthcare funding amid limited organized opposition.