Colorado voters reject tax hike to fund schools

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A voter casts a ballot.

A voter casts a ballot.

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DENVER — Colorado voters have rejected a proposal to raise income tax rates to fund public education.

Amendment 73 would have increased the state individual income tax rate for people who earn more than $150,000 a year and boosted the corporate income tax rate to raise an additional $1.6 billion annually for schools.

The proposal was defeated Tuesday in a state that has typically been averse to raising taxes. Voters rejected similar measures in 2011 and 2013 by a 2-to-1 margin.

Opponents argued the measure would be bad for the economy and would not guarantee better academic performance. They also said the Legislature would not have been able to adjust tax thresholds to account for inflation.

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