California voters will decide in November 2026 whether to make permanent the higher personal income tax rates on top earners originally enacted by Proposition 30 in 2012 and extended by Proposition 55 through 2030. The measure, which qualified for the ballot in June 2026 after strong early signature collection, applies rates up to 12.3 percent to individuals earning above roughly $360,000 and couples above $720,000, directing the resulting $5–15 billion in annual revenue primarily to K-12 schools and community colleges. Organized labor groups including teachers’ unions have backed the initiative, building on prior voter approvals of 55 percent in 2012 and 63 percent in 2016. These factors, combined with the absence of major recent counter-campaign developments, underpin the current trader consensus reflected in the 69 percent implied probability for passage.