Heath launches effort to raise taxes for schools
DENVER — A state senator says he’ll try to put an initiative on the Colorado ballot to raise income and sales taxes to collect about $3 billion for the state’s dwindling education budget.
Sen. Rollie Heath said today the proposal would raise the income and sales tax rates between 2012 and 2017.
Heath is proposing to raise the sales and use tax rate to 3 percent, up from 2.9 percent. He also wants to raise the state’s individual and corporate tax rates to 5 percent, up from 4.63 percent.
Heath indicated earlier this year that he wanted to raise taxes for education. Heath needs to collect voter signatures to get the measure on the ballot.
Republican state Treasurer Walker Stapleton says raising taxes now is bad for Colorado businesses.