Amendment 66, formerly known as Initiative 22, is a proposed November 2013 statewide ballot initiative to raise approximately $1 billion a year in new revenues for K-12 education. Revenues would be raised by converting the state’s flat rate for personal income taxes — currently, 4.63 percent — to a two-tiered system: 5.0 percent for all income earned up to $75,000, and 5.9 percent for all income earned above $75,000.
Passage of the amendment would enact the legislative changes in Senate Bill 213, a revision of the School Finance Act adopted by a unanimous partisan vote in the Colorado General Assembly. The Amendment also would require at least 43 percent of all state income, sales, and excise tax revenue to be set aside to finance preschool through high school education, restricting the ability of elected legislators to appropriate General Fund dollars for other budget needs.
Independence Institute resources:
Watch the Devil’s Advocate September 2013 episode on “Why the Amendment 66 Tax Hike is a Bad Idea”:
Watch the Devil’s Advocate April 2013 episode on “SB 213: Colorado Billion-Dollar Education Tax”:
State of Colorado resources:
Insightful commentary and other resources: