Voters said “No” to tax increases in ballot initiatives across the country in the midterm elections. Maine and Colorado rejected ballot measures that would have made their state income tax regimes more progressive, despite the stated reasons for the tax hikes: to help K-12 students and the elderly. The measure would have replaced Colorado’s flat income tax of 4.63% with a progressive income tax, targeting taxpayers with taxable income of over $150,000 with tax hikes. Arizona voters approved Proposition 126, which prohibits state and local governments from enacting new taxes or increasing tax rates on services. North Carolina voters approved an amendment to lowers the maximum allowable state income tax rate from 10% to 7% (the top rate is currently 5.5%).

Source: Forbes November 07, 2018 15:35 UTC