Finally, some good news to report: A coalition of Coloradans are pursuing a ballot measure to cut the state income tax rate from 4.63% to 4.55% giving us all some much needed financial relief during this economic downturn.

The coalition pursuing Initiative 306 includes the Independence Institute, Colorado Rising State Action, Unite for Colorado and Americans for Prosperity.

Colorado Politics notes this tax cut proposal will run counter to a mostly tax hike measure pursued by Carol Hedges of the Colorado Fiscal Institute, which seeks to raise the tax rate to 7% for those making more than $250,000 while setting the rate for 4.58% to those earning less.

So yeah, the coalition’s solution is a much better deal for all Coloradan, says Jon Caldara of the Independence Institute.

The Fiscal Institute’s measure would raise taxes by about $2 billion a year, Caldara noted.

“We think that a small tax cut for everyone makes a lot more sense than a $2 billion tax increase,” Michael Fields, executive director of Colorado Rising State Action, said in a statement. “And even if both pass, the tax cut only has to win by one vote over the tax hike to be implemented, so we like our chances.”

We expect liberals will have a tough time selling a tax increase to voters on the November ballot. 

Especially when the same government that wants to take more of our money to spend on themselves, refused for so long to let us leave our homes and go to work to earn … for them …