California voters will decide Proposition 3 on November 3, 2026, which would amend the state constitution to permanently extend income tax rates of 10.3% to 12.3% on the top 2% of earners—currently set to expire after 2030—rather than allowing reversion to 9.3%. The measure, qualified for the ballot in June 2026 after the California Teachers Association gathered sufficient signatures, directs most revenue (estimated $5–15 billion annually) to K-12 schools and community colleges under Proposition 98 formulas. Recent polling, including a PPIC survey of likely voters, indicates majority support around 58%, reflecting the measure's status as an extension of voter-approved rates from 2012 and 2016 rather than a new levy. Trader consensus favoring passage aligns with the absence of intense organized opposition seen in parallel tax initiatives and the measure's focus on established education funding streams.