California Proposition 3 would amend the state constitution to permanently extend the top marginal income tax rates on high earners—ranging from 10.3% to 12.3% for single filers above roughly $361,000 or joint filers above $721,000—that voters approved in 2012 and extended through 2030 via the 2016 measure. The rates generate $5–15 billion annually, with 89% directed to K–12 schools and community colleges. The initiative qualified for the November 3, 2026 ballot in June after collecting signatures, backed primarily by the California Teachers Association and allied education unions. Prior extensions passed by widening margins with minimal organized opposition, as the change locks in existing revenue rather than creating new brackets, supporting current trader consensus around a 68% likelihood of approval.