State Update: More Information on Initiative 93

In my last update I provided a summary of Initiative 93, which would increase income taxes on individuals making more than $150,000 and corporations. The so-called education tax is supported by almost all school superintendents in the State. Here is more information on the measure, provided by the Northern Colorado Legislative Alliance’s lobbyist, Sandra Solin of Capital Solutions:

If Initiative 93 should pass, the average taxpayer earning more than $150,000 would pay an additional $519 a year. The average corporate taxpayer would pay an additional $11,085 a year. Based on the average statewide school levy, many property owners would pay $28 more on each $100,000 of actual value, and commercial property owners would see a decrease. Total property tax revenue collected by school districts would go down statewide.

Pros –

• Generates $1.6B annually for Colorado’s Education System.
• 92 percent of Coloradoans won’t pay the income tax increase.
• Burden placed entirely on wealthy citizens and businesses.

Cons –

• Burden placed entirely on wealthy citizens and businesses.
• Could dissuade economic development attraction of high paying primary jobs.
• Inequitable tax increase.
• Includes a mandated state general fund increase legislators couldn’t change.
• Places income tax rate in Colorado’s constitution.