Amendment 87 money will all go to Medicaid by 2030, Polis warns budget writers

By Marissa Ventrelli | The Denver Gazette

In less than four years, all of the revenue generated by Colorado’s new graduated income tax rate will be needed to cover the state’s Medicaid spending, Gov. Jared Polis told members of the legislative panel in charge of drafting the state government budget.

Amendment 87, which passed with 51% of the vote this election, establishes a graduated income tax system, in which those earning less than $500,000 will see a tax cut of a hundred dollars, while higher-income earners will face a larger tax liability. The measure is projected to bring in an additional $2 billion to the state in its first year, though some estimates put that figure at $2.7 billion.

Polis, who opposed Amendment 87, made his final presentation as governor to the Joint Budget Committee on Thursday.

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