DENVER — Colorado voters will be asked once again if they want to reduce the state’s income tax rate, this time on the November 2022 ballot.
The Colorado Secretary of State’s Office approved Initiative 31 on Thursday, projecting that backers had submitted 118.9% of the required 124,632 valid signatures. The initiative calls for an across the board income tax rate cut from 4.55% to 4.40%.
Voters approved a state income tax rate reduction last year, taking the income tax rate from 4.63% to 4.55%. The same backers of that proposition — Republican Sen. Jerry Sonnenberg of Sterling and the libertarian Independence Institute’s Jon Caldara — are the ones asking voters for this cut.
“It’s frustrating that we have to go through this process because the legislature will not live within its means just like every other family in Colorado,” Sonnenberg said, citing fees levied for places like Colorado Parks and Wildlife.
But opponents of such permanent tax reductions say they will require the state government to make significant funding cuts from essential programs such as education, human services and public safety.
Read the full story from our partners at The Denver Post.