California voters will decide in November whether to make permanent the high-earner income tax surcharge originally approved in 2012 and extended in 2016, which applies graduated rates up to roughly 12 percent on incomes above $360,000 for single filers and $721,000 for joint filers. The initiative, backed by the California Teachers Association and other education unions, qualified for the ballot in June after collecting well over the required signatures and would lock in $5 billion to $15 billion in annual revenue for K-12 schools and community colleges. Supporters emphasize that the funds are already built into long-term education commitments, while opponents including the California Taxpayers Association argue against extending the levy. Trader pricing at 72 percent for passage reflects the measure’s alignment with prior voter-approved extensions and organized labor mobilization ahead of the election.