DENVER (CBS4) – A ballot measure that calls for a $1.6 billion tax increase for schools has been (approved/rejected) by Colorado voters.

Amendment 73 would have raised corporate income taxes and established a tax bracket system versus a flat tax rate and raised taxes for people earning more than $150,000 per year, as well as creating the “Quality Public Education Fund.”

This is the third time in recent years a statewide tax proposal to fund education has failed.

Last spring thousands of Colorado teachers descended on the state capitol rallying support for more education funding.

Amie Baca-Oehlert, president of the Colorado Education Association, told CBS4 the rallies put teachers and teacher pay on Coloradans’ radar.

“We have teachers working two to three, sometimes four jobs just to ensure that they can feed their own families. Many of our teachers their own children are on free and reduced lunch.”