There is a misinformation campaign and some letters to the editor based on this information circulating. Amendment 73 does NOT affect any other special districts income. The reduction (that’s correct REDUCTION) in property tax rates from both residential, currently 7.2 percent locked in at 7 percent under amendment 73, and non residential, currently 29 percent locked in at 24 percent under 73, tax payers is what this misinformation is based upon. Amendment 73 DOES reduce the current property tax rates and freezes those rates from being affected by the 1982 Gallagher amendment. But amendment 73 does so ONLY for school districts and specifically excludes any and all other special districts.
Perhaps we who support increasing Colorado’s per pupil spending up from the abysmal 39th in the country should be flattered. Would you be surprised to know that the largest single donor to the anti amendment 73 campaign are the Koch Brothers Super Pac ‘American’s for Prosperity’ who has so far invested more than $2 million in their attempt to defeat this badly needed increase in school, funding? The Koch brothers are clearly opposed to an educated population.
To those who are philosophically opposed to targeting any specific groups for tax revenue (i.e. tax the rich) the facts are that higher income taxpayers pay significantly less as a percentage of their income than low and middle class taxpayers for schools. Even after Amendment 73 that will still be true. Amendment 73 just levels the playing field to a small extent. Amendment 73 will incrementally impact less than 8 percent of CO taxpayers. The other 82 percent of lower and middle income Colorado taxpayers will realize a reduction in our taxes.
To those who are concerned about a tax increase on C corps, more than 80 percent of small businesses in CO are sole proprietors or S corps. Amendment 73 does increase state taxes for C Corps by 1.63 percent. C Corps also by the way received a federal tax cut of 20 percent in 2017 under the “Tax Cuts & Job Act” of 2017.
Please visit GreatSchoolsThrivingCommunities.org and do your own independent research. Our kids, teachers and rural communities both need and deserve your yes vote on Amendment 73.