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.