**Proposition 3** would make permanent the higher personal income tax rates on top earners originally approved in 2012 and extended through 2030, directing roughly $5–15 billion annually to K-12 schools and community colleges. The measure qualified for the November 3, 2026 ballot in June after supporters gathered more than 962,000 valid signatures, well above the required threshold. Education unions, including the California Teachers Association, led the signature drive and continue to back the initiative, emphasizing stable revenue for local school districts without new tax increases. With the election two months away, trader consensus at 72% “Yes” reflects the measure’s alignment with prior voter-approved extensions, its narrow focus on the top 2% of filers, and limited visible organized opposition to date. No major counter-campaigns or polling shifts have emerged in recent weeks to alter that positioning.