Proposition 3 on the November 2026 California ballot would permanently extend the higher marginal income tax rates on the top 2% of earners that voters first approved in 2012 and renewed in 2016, preventing their scheduled expiration after 2030. The California Teachers Association qualified the initiative constitutional amendment for the ballot in June 2026 through petition signatures, directing the estimated $5–15 billion in annual revenue primarily to K-12 schools and community colleges. Recent PPIC polling shows 58% support among likely voters, consistent with prior approvals of similar measures. This established revenue stream and education-union backing have shaped trader consensus around an 83% implied probability for passage, though final outcomes remain subject to turnout and any late campaign developments before election day.