The income tax earmarks nothing for K-12, higher ed, or healthcare — only 5% goes to the Fair Start for Kids Account starting in 2029. Photo courtesy meepiangraphic🎧 Income Tax Disclosure Statement: Facts or Electioneering? Ryan Frost, David BozeWashington Policy CenterOn Thursday, July 23, the State Attorney General’s office released the “public investment disclosure statement” detailing state services determined to be most affected by the potential repeal of the income tax. The income tax earmarks nothing for K-12 education, higher education, or healthcare. The remaining revenue goes into the state general fund with no restrictions, where future legislatures may spend it however they choose.