California voters will decide Proposition 3 on November 3, 2026, which would convert the temporary high-earner income tax rates first approved in 2012 and extended through 2031 into permanent law. The measure applies graduated rates from 10.3% to 12.3% on the top 2% of filers and directs the resulting $5–15 billion in annual revenue primarily to K–12 schools and community colleges. It qualified for the ballot in June 2026 after education unions, including the California Teachers Association, gathered more than 1.6 million signatures. Trader pricing at 71.5% for passage reflects the measure’s alignment with prior voter-approved extensions, organized labor support, and the revenue’s role in meeting constitutional school-funding guarantees, while opposition from taxpayer groups has not yet produced polling shifts that would alter the current consensus.