Billion Dollar School Tax Increase is Significant

To get $950 million from Coloradans from the income tax requires a massive tax increase. For income above $75,000 per year, income taxes go up 27 percent, or according to proponents, $595 for the average taxpayer. For lower income residents the income tax increase is 8 percent, averaging an additional $166 per year.

The title as designated and fixed by the Board is as follow:

SHALL STATE TAXES BE INCREASED BY $950,100,000 ANNUALLY IN THE FIRST FULL FISCAL YEAR AND BY SUCH AMOUNTS AS ARE RAISED THEREAFTER BY AMENDMENTS TO THE COLORADO CONSTITUTION AND THE COLORADO REVISED STATUTES CONCERNING FUNDING FOR PRESCHOOL THROUGH TWELFTH-GRADE PUBLIC EDUCATION, AND, IN CONNECTION THEREWITH, INCREASING THE CURRENT STATE INCOME TAX RATE ON INDIVIDUALS, ESTATES, AND TRUSTS AND IMPOSING AN ADDITIONAL RATE SO HIGHER AMOUNTS OF INCOME ARE TAXED AT HIGHER RATES….

See:
The Colorado Observer: Hick, Rosen spar over tax hike
The Gazette: Flush with cash, Colorado officials back tax hike
The Buzz: Campaign for one billion education tax is game changer 
The Buzz: One billion for schools: Reform or bailout?
The Buzz: November ballot will test Democrats’ and education establishment’s power