November 1 – Colorado Proposition 103
Sales and Income Tax Increase Initiative
As the United States creeps its way into an economic recovery, many states are still looking at how to close budget gaps in future fiscal years, especially now that stimulus funding from the federal government will not be arriving as it did in the last few years.
A group of citizens in Colorado, led by State Senator and former teacher Rollie Heath, have argued that instead of cutting spending in Colorado to balance the budget – cuts that have often been targeted at schools – there needs to be an increase in revenue being raised by the state. Therefore, they have placed on the Colorado ballot a proposal to raise the income tax by .37% to 5% overall and raise the sales tax from 2.9% to 3% These rates would return to the original after 5 years (in January 2017).
It is estimated that this proposal would raise $532 million a year, all of which would go to preventing further cuts and potentially restoring cuts in the education system of the state.