Colorado business groups are licking their wounds after losing the fight to defeat Amendment 87, the ballot measure that will create a graduated state income tax after nearly four decades of a flat tax.
The new tax structure means lower-income households will pay less in taxes, while high earners and businesses will pay more. It’s expected to raise $2.7 billion a year for the state to pay for healthcare, childcare and education, and could help close the state’s running budget deficit.
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In addition to prominent business groups including the Colorado Chamber of Commerce, Gov. Jared Polis and Gov. Elect Phil Weiser also came out against the measure.
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