According to a new study from Denver University’s Center for Colorado’s Economic Future, Coloradans need to consider raising taxes and making more cuts to programs to fix the state budget.
The study, found that by 2024, the State will generate only enough income to pay for public schools, health care and prisons. That means that there will be no money for child-protection services, crime labs, state colleges and universities or other essential state services.
While the authors include cuts as part of the solution, they underscore how cuts alone can’t solve the budget crisis.
Some of the options to increase revenue, from the study, include:
– Re-instate a graduated income tax;
– Broadening the sales tax base;
– Restructure the state, local school funding partnership.
To read the summary of the report from the Center for Colorado’s Economic Future, click here.