California voters will decide in November 2026 whether to make permanent the income tax surcharges on high earners first approved in Proposition 30 and extended through Proposition 55. The measure, which qualified easily for the ballot after education groups submitted well over the required signatures, would lock in rates applying above roughly $360,000 for single filers and $721,000 for joint filers, directing the bulk of projected $5–15 billion in annual revenue to K-12 schools and community colleges. Prior extensions passed comfortably, and organized labor backing plus the absence of a sunset reversal have shaped trader consensus around a 71.5 percent Yes probability. A separate billionaire wealth-tax initiative on the same ballot has drawn heavier opposition spending, leaving the high-earner extension comparatively less contested.