DENVER—A proposal to raise taxes by nearly $3 billion over five years for school funding is the only statewide ballot question for Colorado voters in the November election.
The ballot measure asks voters raise the state’s individual and corporate tax rates to 5 percent, up from 4.63 percent, and the sales and use tax rate to 3 percent, up from 2.9 percent. The rates would be in effect from 2012 to 2016, with an estimated $2.9 billion in new revenue during that time going to K-12 schools and public colleges.
Republicans oppose the tax hike and say it will hurt the state’s economic recovery. The Democratic senator who pitched the idea says the measure is needed because schools are underfunded.
Democratic Gov. John Hickenlooper says he doesn’t support or oppose the tax increase.
