IB-C-2018 (Sept. 2018)
Author: Linda Gorman
In November 2018, voters will decide on Amendment 73, a state constitutional amendment which would increase income, property and corporate taxes in Colorado to fund public education.
- If Amendment 73 passes, Colorado will no longer have equal state income tax rates for all. Instead, it will have a progressive state income tax with a top marginal rate of 8.25 percent, the 9th highest in the country. Corporate tax rates will increase from 4.63 percent to 6 percent.
- Amendment 73 effectively ends protections against continuous increases in residential property taxes. It increases the state residential property tax assessment rate for school districts. Commercial property will enjoy reduced rates.
- Amendment 73 requires spending on “early childhood” through grade 12 education that is limited only by the additional taxes collected.
- Amendment 73 reduces legislative oversight by locking increased spending into the state constitution.
- There is no guarantee that more spending will increase educational opportunities for existing students.