As required by TABOR, the state income tax rate is currently set at 4.4% for all earners, setting it apart from most states — especially those as Democratic-leaning as Colorado — with progressive or graduated income tax systems, under which higher earners pay higher rates. Initiative 195 would hike the tax rate to 7.4% for income above $500,000 and gradually increase the rate to 8.4% for income above $1 million. Those higher rates would apply to the top 3% of earners, while the 97% of Coloradans who earn less than $500,000 per year would see a slight income tax reduction. If both the graduated income tax measure and Advance Colorado’s Initiative 232 were to pass, their conflicting provisions would be resolved according to which measure receives the greater number of “yes” votes. “Initiative 195 would dedicate funding for early childhood education, the educators who make it possible, and the families who depend on it.”