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Colorado voters say no to tax increase to help education

10:42 PM, Nov 1, 2011   |    comments
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With 83 percent of the precincts reporting, the measure is losing 64 percent to 36 percent (Yes, 322,185 and No, 571,540).

The measure was put forth by Sen. Rollie Heath (D-Boulder) and would have raised taxes to fund education. The state's sales and use tax rate would have gone from 2.9 percent to 3.0 percent, and the state's income tax would have gone from 4.63 percent to 5.0 percent. It would have helped to raise upwards of $500 to $600 million every year for five years.

Heath says it would have returned tax rates to what they were in 1999. The Independence Institute said Proposition 103 would, if passed, lead to a net loss of 7,000 to 11,000 jobs in the state.

Gov. John Hickenlooper (D-Colorado) did not endorse Proposition 103.

Click here to see the full results.

(KUSA-TV © 2011 Multimedia Holdings Corporation)

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