California voters will decide Proposition 3 on the November 2026 ballot, which seeks to amend the state constitution and lock in the graduated income tax rates on high earners originally approved in 2012 and extended through 2030 by Proposition 55. The measure would direct roughly $5–15 billion in annual revenue primarily to K-12 schools and community colleges, building on consistent prior voter approval for similar extensions and drawing organized support from major teachers’ unions and education groups. Qualification for the ballot in June 2026 with substantial early funding has reinforced trader expectations of passage, though competing tax-related initiatives and typical concerns over revenue stability and taxpayer migration remain potential variables ahead of election day.