A petition is currently making rounds in Colorado from volunteers who wish to urge the lawmakers to amend the constitution regarding the increase of school spending. This entails that the income taxes paid by businesses as well as individuals will also increase. For new business, Colorado tax ID number is required in order for them to pay their taxes.
According the Initiative 93 which is also known as the Quality Public Education Fund Amendment of 2018, it is expected to generate revenue worth $1.6 billion which will be funneled towards school funding and increasing the budget allocated to every pupil to $7,300 annually. In return, people who are earning over $150,000 annually will have to face a gradual increase in their personal income tax from 0.37 per cent to 3.62 per cent. This will also result to a higher state corporate tax with an increase of 1.37 per cent.
Carole Partin, a retired teacher is one of the volunteers in Pueblo assigned in gathering signatures for the said petition. She said that it has a greater impact when the captive audience are given personal visits such as parents who are waiting for their kids to get out after school.
Partin said that their group was very small at first and they decided to visit each house and talk to the people there and they found this method to be effective.
She said that ever since the recession happened, public schools have been allotted lower funding and the Colorado lawmakers are not doing anything to change the situation. The according to her, the amount they have to fill in Pueblo alone is almost $22 million and with the help of Initiative 93 they would be able to fill the gap.
She explained that Pueblo 60 and 70 will receive additional funds worth $40 million combined.
Many parents are in agreement with the initiative and more than willing to give their signature. This is now a challenge to businesses who are just applying for Colorado tax ID number because they might have to pay more taxes in the event that the proposal is taken into consideration by lawmakers.