DENVER - A sweeping set of changes to the public school system in Colorado will only take place if voters approve a $900 million income tax increase.
Supporters of initiative 22 hauled dozens of boxes of signatures into the Secretary of State's office Monday morning, saying they were submitting more than 160,000 signatures.
At least 86,000 of them will need to be valid signatures belonging to registered Colorado voters in order to ensure the ballot question appears this November.
A "yes" vote would fundamentally change the state income tax system from a flat tax to a progressive tax.
The current rate of 4.63 percent would increase to five percent for the first $75,000 of taxable income.
Earnings above that would be taxed at a rate of 5.9 percent.
The $75,000 cutoff is the same for individual returns and returns filed jointly, which means some couples filing jointly could bear a disproportionate burden under this specific tax.
Here are some examples of the dollar amount of the tax increase, based on TAXABLE earnings after all deductions are made:
• $50,000 income = $185 increase
• $100,000 income = $595 increase
• $250,000 income = $2500 increase
The tax increase is larger than the one rejected by 63 percent of voters in 2011, which also aimed to boost education funding.
(KUSA-TV © 2013 Multimedia Holdings Corporation)