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Can you imagine that if you make $75k a year you are considered rich. Colorado is now voting on measure that defines rich as anyone making 75k
Initiative 22, which has major backing from the state teachers union, would raise Colorado’s income tax substantially — even more for wealthy resident. For those making less than $75,000 annually, the new tax rate would be 5 percent, up from 4.63 percent. For those earning more than $75,000, the rate jumps to 5.9 percent.
So more people are moving into the state adding strain on current infrastructure and services, yet the state should no be allowed to tax to off-set added costs?
I have said it before and I'll say it again. Taxes should not be raised until all waste is cut from the budget first. After waste is eliminated evaluate the short fall and adjust accordingly. Taxes should never be raised so that waste can continue unchecked.
LOL about a .37% tax height for those making under $75K and a 1.27 tax height on those making more than that. I'm sure some rich person will really be hurting from that additional $700-2000 a year.
It is interesting the way so many focus on income taxes also that the OP used a source which did not explain the reasons nor what type of tax this is. Here is another with more detail
This is an income tax that will fund education. If Coloradans feel that they need to put more money into education, that is their business. I doubt the majority of rich people will leave over a few thousand dollars. They like skiing and outdoor recreation and mountain climbing and legal marijuana too much to leave in droves. From the article:
Quote:
$1 billion has been cut from the state’s K-12 system in the past five years,
and says he thinks most voters have seen the effects of those cuts. Even if the
ballot measure is passed, Colorado would still rank in the bottom half of states
in terms of what it spends on K-12 education. And while the details of how money
will be spent will still be left up to districts, Hubbard says that “rather than
ask voters for a blank check," the measure that Amendment 66 would fund, "for
the first time in any state’s history, laid out a detailed plan for how that
money would be spent, ensuring it could only be spent on education.”
LOL about a .37% tax height for those making under $75K and a 1.27 tax height on those making more than that. I'm sure some rich person will really be hurting from that additional $700-2000 a year.
It is interesting the way so many focus on income taxes also that the OP used a source which did not explain the reasons nor what type of tax this is. Here is another with more detail
This is an income tax that will fund education. If Coloradans feel that they need to put more money into education, that is their business. I doubt the majority of rich people will leave over a few thousand dollars. They like skiing and outdoor recreation and mountain climbing and legal marijuana too much to leave in droves. From the article:
I'm a NJ resident and I have read into why NJ's tax is so bad. About 30 years ago, NJ was a tax heaven. There was low property tax, and no income tax. The property tax start going up by defying gravity for "EDUCATION". Then they add an income tax, again for "EDUCATION"
Of course, all these are for "EDUCATION". It has nothing to do with teacher failing students and yet continue to feeding more money into the failed schools.
Honestly, education should be privatize so they will be competition. As a product of public school, I do not see why we should continue graduating students who cannot read or write.
I have never seen a successful project that overpaid teachers led to better students... I have heard that better teaching led to better students but not throwing money at it... If Colorado wants to do this, let them, it is their right. I only oppose Federal government taxation because it has over the decades overstepped its boundaries which is funded by tax dollars...
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