No on 66
I would like to urge everyone to vote no on Amendment 66. While I understand that school funding is very important, What amendment 66 does is embed in the Colorado Constitution a guaranteed 43 percent of the state budget for education in perpetuity. There will be no choice. All other expenditures will be the other 57 percent, no matter what. It does not matter if we have a major flood incident in the state or some other natural disaster like a fire, 43 percent goes to education.
Amendment 66 also creates a new graduated tax. Currently Colorado state income tax is 4.63 percent flat tax. What 66 brings is 5 percent for everyone making up to $75.000 per year. Every dollar above 75,000 will be taxed at 5.9 percent. That means that everyone making below $75.000 per year will get an 8 percent increase in their state income tax rate. Every dollar above $75,000 will be taxed at a 27 percent rate increase.
The rosy picture of $133 per year in tax increases is based on a median income, not an average income. I urge all of you to vote “no” on 66. It is poorly thought out and a very bad precedent for our state.