The Bell Policy Center today is releasing a report that reviews research on tax increases and their impact on job growth and economic development. Proposition 103, the only statewide ballot initiative, would raise taxes, returning income and sales tax rates to levels that existed in 1999. The revenue raised would help counteract deep cuts to the state's education system.
Proposition 103 on November's ballot will raise about $500 million annually for education over the next five years. It does this by increasing Colorado's income tax rate from 4.63% to 5% and the state sales tax rate from 2.9% to 3%. These are the rates that existed throughout the 1990s – a period of strong economic growth in Colorado.
DENVER – The head of the Colorado Legislature's Joint Budget Committee warned on Thursday that brutal budget cuts, new fees and higher taxes are on the table when state lawmakers consider ways to fix the state budget.
After spending a day and a half trying to absorb brain-numbing financial presentations, printed reports and Power Point slides, it was only fair that members of the state Fiscal Stability Commission got a little entertainment Thursday afternoon.