Proposition 116: State Income Tax Rate Reduction
October 28, 2020
Based on population (5.691 million) and income data from 2018, 96.74% of Coloradans had a taxable income of $150,000 or less per year. That means that only 3.26% of the state's population made $150,001 or more. Yet, all those people paid the same percentage in income tax: 4.63%.
This income tax largely goes towards the general fund, which supports K-12 education, public assistance, courts and...