California voters will decide Proposition 3 on the November 2026 ballot, a measure to make permanent the higher marginal income tax rates on earners above roughly $360,000 for single filers and $721,000 for joint filers that voters first approved in 2012 and extended through 2030 in 2016. The rates, which generate $5–15 billion annually with most revenue directed to K–12 schools and community colleges, face no scheduled sunset challenges or organized opposition campaigns as of mid-August 2026. Strong backing from the California Teachers Association and allied education groups, combined with prior passage margins of 55% and 63% on comparable extensions, has shaped trader assessments of approval odds. The measure requires only a simple majority, and no legislative or court actions have altered its path since qualification.