Colorado voters asked for tax hikes to fund schools

Colorado voters will decide in November whether they want to increase their taxes to pay for schools.

Known as Prop 103, the ballot initiative would increase corporate and personal income tax rates from 4.63 percent to 5 percent – the same rate as 1999.

Bright Colorado, the group that organized the petition drive, said that, if approved, the tax increase would cost the average Colorado taxpayer making $55,700 about $150 a year.