Colorado's Protect Colorado's Future Claims Victory on Graduated Income Tax
The coalition behind Colorado's Amendment 87 claims the graduated income tax measure has enough votes to pass, announcing a presumed win at a Thursday news conference with about 90% of ballots counted and a lead of more than 36,000 votes. The measure would amend the Taxpayer's Bill of Rights to lower income tax rates for lower earners and raise them for the wealthiest, and is projected to raise $2.7 billion a year if it takes effect. The measure drew opposition from Gov. Jared Polis, incoming Gov. Phil Weiser, and business groups, and comes as Polis has proposed $600 million in cuts to projected Medicaid spending in his final budget. State Rep. Lorena Garcia said the new revenue could let lawmakers restore some planned Medicaid, child care and education cuts when the legislature convenes in January.