California voters have twice approved extensions of the high-income tax rates originally enacted by Proposition 30 in 2012 and extended by Proposition 55 in 2016, creating precedent that supports the current initiative (Proposition 3) to make those rates permanent rather than allowing expiration after 2030. The measure qualified for the November 3, 2026 ballot in June after collecting over 1.6 million signatures, well above the required threshold, with backing from education groups including the California Teachers Association. It directs the projected $5–15 billion in annual revenue—primarily from the top 2% of earners—to K-12 schools and community colleges while barring administrative use. Opposition from business organizations has not produced polling shifts sufficient to alter trader consensus around the 72.5% Yes implied probability.