California voters will decide in November 2026 on Proposition 3, which would amend the state constitution to make permanent the top marginal income tax rates (10.3–12.3 percent) on single filers above roughly $360,000 and joint filers above $721,000, directing most revenue to K–12 schools and community colleges. The surcharge, first enacted via Proposition 30 in 2012 and extended by Proposition 55 through 2031, currently raises $5–15 billion annually. The measure qualified for the ballot in June 2026 with backing from teachers’ unions and education groups, building on prior voter approval margins of 55 percent and 63 percent. Trader pricing at 64.5 percent Yes reflects this track record of support alongside modest opposition focused on revenue stability and high-income migration, absent major new legislative or polling shifts.