COLORADO, USA — A little more than one in 10 of you have already returned your mail ballot. That's about 14%.
October 31 was the recommended date to mail it back and know that it would be received by your county clerk in time. If you haven't mailed it yet, take it to a drop box.
Since most of you still have not returned your ballots yet, it's time to review a statewide ballot issue.
Proposition 121 is the shortest question on the ballot about lowering the state income tax.
PROPOSITION 121
A YES vote means you want the state's income tax to drop to 4.4%. It's currently 4.55%.
A NO vote means the state income tax stays at 4.55%.
Two years ago, voters statewide passed a measure dropping the state income tax to 4.55%. Before, it was 4.63%.
In years we get TABOR refunds, one of the ways the state can get money back to us is by dropping the state income tax to 4.5%.
That's happened the last two years and is projected to do so the next three years, but that could change.
So what does a reduced state income tax mean for you and for what the state pays for with that money?
Let's start with what you would get.
Tax breaks vary based on income level. Everyone pays less, but the more you earn, the more you're keeping.
These tax brackets, up to $69,000, represent three-out-of-four Colorado taxpayers...so 75% of Coloradans would get a tax break of $63 or less.
Where do state income tax dollars go?
The state's general fund, which is controlled by state lawmakers. State income tax made up 68% of the general fund last year.
The biggest recipients of general fund money are health care, K-12 and higher education, human services, corrections and courts. Fewer dollars from state income tax could be mean fewer dollars for those areas.
However, in TABOR years like last year, when the state collected more than it's allowed, the budget for these areas isn't impacted.
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