California voters will decide Proposition 3 on November 3, 2026, which would permanently extend the high-income tax rates first approved in 2012 and extended in 2016 rather than allowing them to sunset after 2030. The measure, which qualified for the ballot in June after supporters submitted more than 962,000 valid signatures, directs roughly 89% of the projected $5–15 billion in annual revenue to K-12 schools and 11% to community colleges. Education unions including the California Teachers Association have provided major backing, citing long-term budget reliance on these funds. Trader consensus at 72% for passage reflects the tax’s prior voter approvals, strong qualification numbers, and limited organized opposition compared with the separate billionaire wealth tax also on the ballot. Outcomes could still shift with late campaign spending or turnout patterns among higher earners.