On Tuesday, Nov. 3, Colorado was still counting votes on a progressive income tax (Amendment 87). According to unofficial results, it held a slim lead. Voters did approve Proposition NN, which directs additional money to schools.
Amendment 87 would replace the state’s current flat tax with a progressive system. According to early data from the Secretary of State’s office, support stood at about 50.5% of the vote. At 9:20 p.m., there were 992,655 votes in favor and 972,156 against. The results are unofficial and partial, and a final outcome has not yet been announced.
The change calls for a rate of 7.4% on income above $500,000, rising gradually to 8.4% above $1 million. The higher rates would apply to the top 3% of earners, while the remaining 97% of residents would pay slightly less. Supporters estimate the change would give the state $2.7 billion more for current spending. The money would go to education, health care and early childhood programs.
A competing measure, Proposition 136, was meant to block Amendment 87. It was backed by the conservative group Advance Colorado, and it proposed freezing tax rates at the current level of 4.4%. According to early results, it had the support of about 47% of voters. If both measures passed, a court would have to resolve the legal conflict, according to the official voter guide.
According to the Associated Press, voters approved Proposition NN. It raises the TABOR cap to about $4.6 billion and directs the budget surplus to public schools (K-12). According to CPR News, school funding could grow by as much as 50% over 10 years without raising taxes.
In Denver, a tax increase of $44 million for teacher salaries, vocational education and mental health care also passed. A request for $73 million for salaries in the Jeffco district remained too close to call late at night.
Source: Denver Post
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