Colorado voters considering tax hike to fund education

DENVER (AP) – Voters are once again deciding whether to raise income tax rates to fund public education in Colorado.

Amendment 73 would increase the state individual income tax rate for people who earn more than $150,000 a year and raise the corporate income tax rate to fund preschool through 12th grade.

Supporters of the proposal, which is expected to raise an additional $1.6 billion annually for schools, hope the political landscape and the state’s priorities have changed since voters rejected similar measures in 2011 and 2013 by 2-1 margins. They argue the state needs a sustainable source of income after funding was cut following the 2008 recession.

Opponents say the measure will be bad for the economy and won’t guarantee better academic performance.