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$3B Tax Hike For Schools On Ballot For Colorado Voters

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(credit: AP)

(credit: AP)

DENVER (AP) — The nation’s only ballot measure this fall that proposes a state tax increase pits some defenders of Colorado’s underfunded schools against those who warn it will cost jobs.

Proposition 103 would raise state taxes for five years to generate nearly $3 billion for the education system. The question is the only statewide issue for Colorado voters in the Nov. 1 mostly mail ballot election.

Republicans oppose it, saying that raising taxes now will slow economic growth. And some prominent Democrats have refused to publicly endorse the measure.

Proponents say the tax increase is needed because school funding has been repeatedly slashed to balance the Colorado budget.

If approved, the rates would be in effect from 2012 through 2016 and money would go to K-12 schools and public colleges.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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