1-minute voter guide: Ballot measure 304 asks for a tax cut

• The current total sales tax in the city is 8.81% once state and dedicated taxes for transportation and the arts are added.
• Car rentals and retail marijuana are taxed at higher rates and food and beverage is taxed at 4%.

What it means: If approved, the tax cut could lead to $49 million less in city tax revenue in the 2022 fiscal year. That number would increase to $55.7 million by 2026, according to a city analysis.

• The total city budget is $1.5 billion.

Of note: It's unclear if the sales tax rate cap would impact retail marijuana taxes.

• Further, the ballot measure doesn't specify how the city would trim the sales tax rate, meaning the city council would make decisions about how it applies to current spending.

In favor: The tax cut and cap is backed by Denver Republican Party chairperson Garrett Flicker and a conservative business-aligned group known as Defend Colorado.

In opposition: The Denver City Council unanimously passed a resolution expressing opposition to the ballot measure, saying it would lead to reductions in city services and programs voters approved in prior elections.