Here's the deal: The state needs more money for education. Supporters of Amendment 73 want to increase the corporate income tax from 4.63 percent to 6 percent. That would bring in $88.5 million the first year and $179.8 million the second.
In addition, people earning more than $150,000 annually would see their income taxes rise too, as the goal is to move from a single flat tax to brackets based on income.
While we support better funding for education, this isn't a great idea. It's bad for families and not great for job growth. Plus it adds yet another amendment controlling taxes to the crowded state constitution — one that will inevitably interfere with other controls and lead to unintended consequences.
The state needs more education funding. But what it needs more is a solution to the fiscal morass created by the Taxpayer's Bill of Rights, the Gallagher Amendment and Amendment 23, the perfect storm already holding the state's fiscal well-being hostage to special interests. Let's solve those, and stop trying piecemeal solutions.
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