A coalition of liberal groups in Colorado want to ask voters in 2026 whether higher earners in the state should pay more in income taxes to raise billions more in revenue.

The group, dubbed Protect Colorado’s Future, submitted ballot measure language Wednesday for a constitutional amendment that would raise the income tax rate for Coloradans making at least $500,000.

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“A graduated income tax is just common sense: 98 percent of us get a tax cut, and the folks doing really well chip in a fair share to keep our schools strong, our healthcare system solid, and our communities thriving. That’s how we build a Colorado where everyone gets ahead, not just the lucky few,” Kathy White, executive director of the Colorado Fiscal Institute, said in a statement.

Colorado’s income tax is currently at 4.4 percent. The measure would bump that rate to 4.6 percent for people making at least $600,000 and increase it as people earn more, to a 9.2 percent rate for people making at least $10 million per year. People earning less than $250,000 per year would see a slight income tax reduction.

The proposal is what’s known as a graduated income tax rate, in which people pay a higher percentage as their income increases. Twenty-seven states and Washington D.C. use a similar system. Colorado is one of 14 states with a flat income tax.

Colorado is also subject to the Taxpayer’s Bill of Rights, which caps annual state spending according to inflation and population growth. Colorado can retain and spend tax revenue only up to that limit, even if it collects more and even if costs for government services balloon.

The cruel cuts to healthcare and the absurd corporate tax giveaways in the federal budget bill have pushed Colorado over the edge, and only the voters of Colorado have the power to make the wealthy pay their fair share and restore funding to critical state priorities.

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“For more than three decades, an upside-down tax code has hurt Colorado’s schools, health care, childcare and the environment,” said Chris deGruy Kennedy, head of the left-leaning Bell Policy Center. “The cruel cuts to healthcare and the absurd corporate tax giveaways in the federal budget bill have pushed Colorado over the edge, and only the voters of Colorado have the power to make the wealthy pay their fair share and restore funding to critical state priorities.”

The recent federal spending cut and tax break bill slashed Colorado’s expected tax revenue for the current fiscal year by about $1.2 billion and will increase the state’s financial obligation for Medicaid and nutrition assistance programs in future years.

The groups behind the proposal include the Bell Policy Center, the Colorado Fiscal Institute, the Colorado Children’s Campaign, the Colorado Center on Law and Policy, New Era Colorado, Great Education Colorado, the Colorado Statewide Parents Coalition, the Colorado Consumer Health Initiative, the Blueprint to End Hunger, Colorado Counties and Commissioners Acting Together, the Colorado Cross-Disability Coalition, and the Colorado Organization for Latina Opportunity and Reproductive Rights.

To place the constitutional amendment on the ballot, the coalition would need to get at least 125,000 petition signatures, including from at least 2 percent of the voters in each of the state’s 35 state Senate districts.

Conservative activists are pursuing other ballot measures that would cut the income tax rate across the board. Voters approved rate cuts in 2020 and 2022.