People’s Republik Of Colorado Passes Tax Hitting Those Making $300K And Up

Next year’s headline from Credentialed Media outlets: “Colorado tax revenue has plummeted as people making $300K plus abandon the state”

Colorado voters overwhelmingly approve new tax revenue to bolster funding for free school meals program

Colorado voters on Tuesday gave resounding approval to twin tax measures that will boost funding for the state’s free school meals program, according to unofficial election results.

With more than 1.1 million votes reported — representing more than a quarter of the state’s total active registered voters — as of 8 p.m. on Tuesday, Proposition MM was passing with more than 57% of the vote, while Proposition LL was passing with over 63%. That represents a margin of victory of more than 14 percentage points and 27 percentage points, respectively.

To increase revenue, Proposition MM will further raise income taxes on households making over $300,000 or more by limiting standard and itemized tax deductions. That will equate to an average annual tax increase of $327 for single filers and $574 increase for joint filers. An estimated 200,000 households, roughly 6% of households filing taxes, will be affected.

The measure is projected to raise as much as $95 million more a year for the school meals program.

“Why are all these Coloradons making $299,000 a year now?”

Proposition LL will allow the state to keep additional tax revenue for the program that would otherwise be refunded to taxpayers making over $300,000. Under the Taxpayer’s Bill of Rights, or TABOR, the state must ask voters to allow it to keep tax money for programs when that revenue is more than what was initially needed.

Without the additional revenue, school districts would have been forced to limit free meals to only certain students starting next year. Some schools are also worried about losing their ability to run a lunch program as a result.

So, basically, the PRC schools will be acting as parents for all students, regardless of whether they need the meal or not. Seriously, only 11% of PRC kids are at or below poverty level. Their parents can feed them, and do. This is about indoctrination, as well as knowing that the money is going to be going into a lot of friendly pockets.

You just know that a lot of these same Democrats who voted for these ballot initiatives and are above $300K will look to hide their income, maybe taking more in revenue that would be capital gains, keeping them under the $300K. Or, just leave the state, and take their businesses with them. You can bet the politicians will hide their money.