Colo. Voters Spurn Income Tax Hike For Education Funding

Law360, New York (November 6, 2013, 4:09 PM EST) -- Colorado voters on Tuesday overwhelmingly defeated a proposed constitutional amendment that would have raised individual income taxes by nearly $1 billion in order to raise education funding.

Sixty-five percent of Colorado voters rejected Amendment 66, with 34 percent voting in favor of the measure. The vote doomed what would have been an 8 percent tax increase on taxable income up to $75,000 and a 26.6 percent tax hike for taxable income exceeding $75,000.

The measure had received donations backed by Bill Gates and New York Mayor...
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