Colorado Graduated Income Tax Proposal Heads to Signature Review
By Marianne Goodland | Colorado Politics
The measure, which eliminates Colorado’s flat tax, is expected to raise $2 billion in new revenue
The proposal to amend the Colorado constitution to change the state’s flat rate into a graduated income tax came in under the wire Monday, the deadline for groups to turn in petition signatures for November’s ballot, setting up a high-stakes battle over revenue.
Backers of the graduated tax proposal — which would marginally decrease the tax liability for the lower ends of the new bracket, while raising taxes for others — turned in 157,000 signatures with about an hour to go before the 5 p.m. deadline.
The proposal, if approved at the ballot box, is expected to generate $2 billion more in tax revenue for the state.
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