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State Democrats reject Republican proposal to reduce tax rates

Posted: 7:31 PM, Jan 30, 2019
Updated: 2019-02-01 13:40:35-05

COLORADO – State Democrats have rejected a Republican proposal to reduce individual and corporate income tax rates.

The proposal won initial support in a tweet from Governor Jared Polis but was defeated along party lines in the Senate Finance Committee.

The proposal called for reducing the tax rate from 4.6 percent to 4.4 percent.

Opponents of the proposal said it would harm efforts to fund education in the event of an economic downturn.

Governor Polis has said it could be paid for by eliminating loopholes for large corporations.