Colorado voters to decide on competing income tax ballot measures

Coloradans will vote on two competing income tax measures on Election Day, according to the Tax Foundation. Voters will choose between capping rates or introducing graduated tax brackets. [1]

The first measure, Amendment 87, is a constitutional amendment that permits a graduated-rate individual and corporate income tax reaching up to 8.4 percent, the Tax Foundation reported. The second measure, Proposition 136, is an initiated statute that would cap income tax rates at the current 4.4 percent. [1]

Income taxes are levied on the profits or income earned by individuals and business entities, and rates often vary based on taxpayer characteristics or income types. [3]

The state previously voted in major statewide elections such as the 2012 presidential contest, when Democratic candidates Barack Obama and Joe Biden won Colorado with 51.49 percent of the vote compared to Republican candidates Mitt Romney and Paul Ryan with 46.13 percent. [2]