For the kids . . .

Today Coloradoans go to the polls - the question is increasing the tax burden in the state.

The LA Times reports


http://latimesblogs.latimes.com/nationnow/2011/10/denver-colorado-tax-hike-vote-proposition-103.html

In a test of whether recession-scarred voters have any stomach for new taxes, Colorado residents will decide Tuesday whether to drum up nearly $3 billion for education by temporarily increasing state income and sales and use taxes.

The debate over the measure closely mirrors recent rancor in Washington over the question of whether more spending will revive a moribund economy or slow down a nascent recovery.

A likely swing state in 2012, Colorado is a particularly interesting place to see which argument voters cotton to. Its population is well-educated, with more than one-third of residents older than 25 holding at least a bachelor’s degree. But the state’s unemployment rate has been stuck around 8%, and a solid share of the electorate finds taxes distasteful, passing a major tax-limitation measure in 1992.

If Proposition 103 passes, individual and corporate tax rates would temporarily jump from 4.63% to 5% and the sales and use tax rate from 2.9% to 3%, the Associated Press reported.

Supporters intend for the extra money to plug holes in the state’s K-12 and college education budgets, which have endured hundreds of millions of dollars in cuts. Opponents say the state’s economy is too fragile to withstand higher taxes, which would expire after 2016, and that throwing money at education won’t necessarily improve its quality.

Data from the Tax Foundation:

http://www.taxfoundation.org/research/topic/16.html

Colorado
The Facts on Colorado's Tax Climate

Here are some basic facts on Colorado’s tax system and how it compares to other states:

Tax Freedom Day Arrives on April 8 in Colorado
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2011, Colorado taxpayers work until April 8, four days before national Tax Freedom Day, to pay their total tax bill, ranking the state 24th highest nationally. The Tax Freedom Days of neighboring states are: Arizona, April 2 (ranked 39th nationally); Utah, April 10 (ranked 19th nationally); Wyoming, April 11 (ranked 11th nationally); Nebraska, April 12 (ranked 15th nationally); Kansas, April 10 (ranked 20th nationally); Oklahoma, April 2 (ranked 41st nationally); and New Mexico, March 31st (ranked 45th nationally).