Proposition 3 on California's November 2026 ballot would amend the state constitution to permanently extend the top marginal income tax rates on high earners (10.3% to 12.3% brackets beginning at roughly $361,000 single or $721,000 joint), originally enacted via Proposition 30 in 2012 and extended by Proposition 55 through 2031. These rates generate $5–15 billion annually, with 89% directed to K–12 schools and community colleges. The measure qualified for the ballot in June 2026 with backing from major teachers' unions, including the California Teachers Association. Trader consensus at 68% for passage reflects the pattern of prior voter approval (55% in 2012, 63% in 2016), the measure's focus on preserving existing revenue without new rate increases, and limited organized opposition as of mid-August 2026. The November 3 election remains the key resolution trigger.