Colorado's plea to taxpayers to shell out an extra $1 billion to fund the declining education system failed yesterday at the polls. Early results showed that 65% of voters were against the tax hike, a depressing statistic given the seriousness of the issue. Amendment 66 would have called for a 5% tax hike for households with income under $75,000 and a 5.9% raise for those making more that $75,000. Unfortunately, taxpayers voted against raising their 4.63% flat tax rate, which could mean even more layoffs and fewer programs for kids.
Even now, there are some students taking classes in bus garages and areas where 1 in 4 students are homeless. It's shocking to me that there are actually politicians against such an important bill. Without a proper education, those politicians who are rallying against this bill wouldn't be where they are today. It's shocking that residents would turn down a .39% raise in income taxes (1.3% for the upper class) when there are students suffering, unable to get the education they deserve. Meanwhile, donors from all around the country are doing their best to raise money for Colorado's struggling education system. Michael Bloomberg and Bill and Melinda Gates have both given $1 million toward the school's campaign, $4 million has come from Teachers' Unions, and hundreds of thousands have come from other pro-labor groups. But without substantial state backing, more cuts will likely occur.
Read more about Amendment 66 here.