California voters will decide November 3, 2026, on Proposition 3, an initiative constitutional amendment that would permanently extend the higher personal income tax rates on high earners originally approved in 2012 and extended in 2016, rather than allowing them to sunset after 2030. The measure, which qualified for the ballot in June 2026 after supporters submitted well over the required signatures, directs the projected $5–15 billion in annual revenue primarily to K-12 schools and community colleges. Trader consensus around a 72% probability of passage reflects the measure’s prior voter approval in two referendums, strong backing from education unions, and the absence of major organized opposition comparable to the separate billionaire wealth tax also on the ballot.