Colorado Voters Reject Tax Hike to Pay for Schools, Aprove Pot Tax.

Amendment 66 failed to pass in Colorado on Tuesday. The amendment would have increased income tax rates from 4.63% to 5% and for income over $75,000 rates would have increased to 5.9%. This would have created a two tiered tax system, where as Colorado now continues to have a flat tax rate. The increase would have expanded funding for K-12 education. The measure lost 2 to 1.

While amendment 66 failed, proposition AA passed. Colorado approved the 15% excise tax, and 10% sales tax on marijuana in a 60/40 split.  The tax is expected to bring in $67 million a year which will be used to regulate the sale of the substance, as well as pay for school construction.

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