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Study suggests big repairs to CO's finances
Posted: Aug 31, 2011 1:35 PM by AP Posted by James H Egbert
DENVER (AP) - Higher income taxes for the rich. Getting rid of public colleges or state crime labs. Changing Colorado's constitution to enact a state property tax.
The University of Denver laid out some pretty dramatic proposals Wednesday for state officials trying to repair an out-of-whack financial situation. It has long been understood that Colorado's pocketbook is headed for disaster unless the state makes big changes to taxation or spending.
A nonpartisan study by DU earlier this year spelled out how Colorado is heading off a fiscal cliff because it has conflicting spending requirements and taxation limits. By 2025, economists say Colorado's expenses will outstrip revenues by some $3.5 billion.
DU economists say officials have no choice but to consider unpopular tax hikes and service cuts.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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