Wednesday, November 03, 2010

Voters Split on Tax Initiatives

Yesterday when voters across the country headed to the poles they had to decide on 44 tax related measures. This represents more than a quarter of the total initiatives being considered across the nation. According to this article from CNN Money, there were three "big" show downs in Colorado, Washington and California. You can find a snippet of their article explaining the tax initiatives from each state below, or the full text here.

Colorado: A trio of fiscal measures in the Centennial State that would have drastically changed the way it funds itself went down to defeat.

Currently, public education in Colorado is paid for through a mix of property taxes and state aid. But a ballot initiative would have cut property taxes in half over 10 years and then use state money to fund schools.

The measure would require the state to come up with $1.5 billion for public schools each year, eating up most of the state's budget, according to state estimates.

Another ballot measure would have banned all state borrowing and require voter approval for localities to borrow money by issuing debt. Colorado currently borrows about $3 billion annually, while local governments issue $5 billion in new debt each year.

The final initiative that failed for slashing the state income tax rate to 3.5%, down from 4.63%, and for reducing or eliminating taxes and fees on cars and telecommunication services. This would cut state revenues by $2.9 billion.

Washington: Earlier this year, state lawmakers voted to subject candy and bottled water to sales taxes to help close a projected $3 billion budget shortfall. The legislature also imposed a 2 cent tax on carbonated beverages.

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