This Election Day, Colorado voters will weigh in on Proposition 116, the Decrease Income Tax Rate from 4.63% to 4.55% Initiative.It would permanently reduce the state’s flat income tax rate from 4.63 to 4.55 percent and be retroactive to January 1, 2020, meaning taxpayers would benefit from the … Published on Sep 4, 2020 3:01AM MDT Opinion Columns Primary category in which blog post is published Opinion Proposition 116 is just another attempt to cut funding to schools, health care, housing, and more so the rich get richer. Proposition 116 - State Income Tax Rate Reduction This initiative would cut the state’s income tax rate from 4.63 percent to 4.55 percent. Colorado's Proposition 116 would cut the income tax rate from 4.63% to 4.55% and amount to a savings of $37 annually for the average taxpayer. Proposition 116 asks voters to approve a reduction in Colorado’s income tax rate from 4.63% to 4.55%, a rate that has remained flat since 2000. 116 would divert money from schools and health care. 2020 Election. COLORADO, USA — Colorado voters have passed a reduction in the state income tax, according to the latest projections from The Associated Press. Why you should vote no. President Senate … Amendment B isn't the only way Coloradans are fiddling with government revenue this election. Conservatives want a tax cut. What does Proposition 116 do? 2020 Election. Proposition 116 asks voters whether they would like to decrease the state’s income tax rate from 4.63% to 4.55%. Proposition 116 … Updated Dec. 24, 2020, 7:02 PM ET. Colorado … COLORADO SPRINGS — This November, Colorado voters will be asked to cut the state’s flat income tax rate from 4.63% – 4.55% in Proposition 116. DENVER (KDVR) — Colorado voters approved Proposition 116, The Associated Press reports.. A pantheon of Republican stars aligned behind Proposition 116 to lower the income tax rate from 4.63% to 4.55%, which proponents say will spur on the economic recovery and make up for the lost revenue from less taxation on earnings. The measure will lower Colorado’s income tax rate … Colorado Proposition 116 Election Results: Reduce State Income Tax. Colorado legislators say that Proposition 116 would make economic hardships and disparities even worse. … Supported by the Koch-funded Americans for Prosperity (the same group that brought you global warming and Donald Trump), this ballot measure does nothing but line the pockets of Colorado… Opinion: Prop. A person making $50,000 would see their tax …