Next year’s headline from Credentialed Media outlets: “Colorado tax revenue has plummeted as people making $300K plus abandon the state”
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.
So taxes on those making over 300k per year are going to “skyrocket” (a word no longer often used by Teach) up 300 dollars? And all kids will get free lunches? Teach that means 0.1% tax increase? That is like 1 tenth of 1%
Mr smith² wrote:
Were the students in Colorado starving to death without this program?
This is the typical tack of the left, telling us how small, how tiny some new little tax is, how minor some little expense is. But when you start adding up all of these tiny tax increases and spending increases, you start winding up with not-so-small tax increases, and spending which has given us a $38 trillion national debt.
The government shutdown has been a marvelous thing, because it’s shown us just how much of the federal government is wholly unnecessary. Any workers furloughed for the last 37 days is a government employee we can do without for 365 days. Any program shut down for 37 days is a program we can do without for 365 days.
Libertarians feel ALL government spending, except for War, police and curiously, concrete, is unnecessary.
Schools should be private. Can’t afford private schools? The nation needs ditch diggers and tomato pickers, too! Don’t ‘earn’ enough to afford healthcare? Duh, don’t get sick, and if you do, just die – if you were a valuable citizen, some company would pay you enough to survive.
Starving? Grow your food! God gave you the ground, the sun, the rains – what more do you need?
Can’t afford shelter? GET A JOB! Early Americans lived off the land – killing rabbits, deer, bison and fish. They foraged berries, nuts, fruits, veggies and even grew maize, beans and squash!
The Democrat party is a Death cult pretending to be a Criminal Mafia, pretending to be a Political Party. This is SOP. Create a program justify it by taxing the “rich”. It’s all for the kids! This is part of the graft and corruption. The kids will not see a dime. Meanwhile, the virus continues to spread making more dependent on the stealing of other people’s money. An immoral foundation for a civil society. Have a nice day
The modern US economy has ‘evolved’ in such a way that the working class does not have necessary resources.
Any functioning economy has winners and losers, but when the losers far outnumber the winners, get ready for change. Can a regime quell the losers with police and militia? We’ll see.