Colorado voters will decide on new graduated income tax this November

STATEWIDE, Colo. (KRDO) -- A new initiative that would change the income tax system in the state will appear on Colorado ballots in November after receiving the required number of signatures.

According to the Elections Division of the Colorado Secretary of State's Office, Proposed Initiative #195 "Graduated Income Tax" is proposing changes to the state's constitution. Because of that, it required a specific number of signatures from each state senate district in order to pass.

The measure, which is listed on the Secretary of State's website, says state taxes will be increased by $2.7 billion annually to help increase or improve levels of public services. The measure says it would get rid of the constitutional requirement for all taxable net income to be taxed at one rate, and instead create various income tax rates based on the amount of taxable income earned by a person or corporation.

Protect Colorado's Future, which was part of promoting the measure, says they are a group of more than 100 organizations that focus on education, healthcare, child care and other issues.

According to organizers, the Protect Colorado's Future coalition submitted over 130,000 valid signatures. They say the proposed measure would replace the state's flat income tax system with a gradual one that would:

• Mandate annual and independent audits
• Required income tax revenues be spent exclusively on K-12 education, healthcare and childcare
• Increase taxes on the top 3% of individuals and top 5% of corporations making more than $500,000 annually
• Cut taxes for several people in Colorado, including small businesses, seniors and veterans

The measure will appear on the general election ballot in November.

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