Americans shot down several key tax hikes in 2020 election
Some major tax changes were rejected at the ballot box
Several Democratic states voted to reject higher taxes while one Republican state voted in an income tax hike. FOX Business’ Gerri Willis with more.
Tax-related measures were on the ballot in many states this election cycle – and voters shot down some major proposals.
Many states are grappling with deep coronavirus-related budget holes – and have considered tax increases as a way to potentially generate additional revenue.
But in Illinois, residents voted against a constitutional amendment that would have paved the way for state lawmakers to change the income tax structure from the current flat rate of 4.95%, to a graduated system – where rich residents would have experienced a rate hike.
ARIZONA VOTERS APPROVE SUBSTANTIAL TAX HIKE ON STATE’S RICHEST RESIDENTS
Voters in Colorado approved a tax reduction – supporting a measure to lower the state income tax to 4.55%, from 4.63%.
In California, voters shot down a push to amend the state constitution in a way that would allow the state government to raise property taxes on large commercial businesses (properties worth more than $3 million).
Alaska residents rejected a measure that would have hiked taxes on the state’s largest oil producers.