There are several tax measures on the ballot this year, but only one begins to fix our upside down tax code and makes the most important improvement in public education in two decades.
Colorado’s tax code is regressive. Middle and low-income households pay more of their income in state and local taxes than the highest income households. This is not only unfair, but it robs our schools of the resources they need.
Amendment 73 will bring balance to our tax code by making the wealthy, the top 8 percet, pay what they should. Amendment 73 raises Colorado’s income tax rate only on income above $150,000 (AGI). Filers with less than $150,000 in adjusted income (92 percent of us) will not be subject to the higher rate. People earning between $150,000 and $200,000 will pay an additional $81 per year.
Colorado currently has one of the top economies in the country yet trails Mississippi and Alabama in school funding. Our state spends about $2,800 per student below the national average. The result is that half of Colorado’s school districts have cut back to a four-day school week and teachers can’t afford to live here.
Amendment 73 is a win-win for Colorado. It will give our schools the resources they need and fix our upside down tax code by asking the wealthy to pay their share.
Former state treasurer and Democratic candidate for governor