California voters will decide in November 2026 on Proposition 3, an initiative constitutional amendment to make permanent the income tax surcharge on high earners originally approved in 2012 and extended through 2030. The measure qualified for the ballot in June after supporters, led by the California Teachers Association, submitted over 1.6 million signatures, far exceeding the threshold. It directs the bulk of the $5–15 billion in annual revenue to K-12 schools and community colleges. Trader consensus favoring passage reflects the tax’s prior voter approval twice before, its embedded role in education budgets, and limited organized opposition relative to a competing billionaire wealth tax measure on the same ballot. Resolution occurs if the proposition receives a majority of votes cast.