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Tag: Bell Policy Center

Colorado Voters To Decide Whether To Cap State Income Tax At 4.4%
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Colorado Politics, Approved, State

Colorado Voters To Decide Whether To Cap State Income Tax At 4.4%

By Thelma Grimes | Colorado Politics Election officials on Thursday confirmed that the proposal to cap the state’s income tax at the current rate submitted signatures and voters will consequently decide its fate this November. The fight over tax rates is part of the tug and pull in Colorado between opposing political forces feuding over state revenue. One side of that fight argues that Colorado isn’t generating enough revenue to spend on state priorities, such as education. The competing side counters that the state already collects enough — but policymakers’ spending priorities are misplaced. The Secretary of State’s Office on Thursday cleared Initiative No. 232 after Advance Colorado, the group behind it, submitted more than 184,000 signatures to get it on the b...
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Colorado Graduated Tax Initiative Draws Major Support From Democratic Lawmaker’s Nonprofit
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Complete Colorado, Approved, State

Colorado Graduated Tax Initiative Draws Major Support From Democratic Lawmaker’s Nonprofit

By Sherrie Peif | Complete Colorado DENVER – State Rep. Lorena Garcia, a Westminster Democrat, has been working overtime to ensure a progressive state income tax initiative makes it in front of Colorado voters this November, including donating big bucks via a tax-funded nonprofit to the issue committee charged with getting the measure on the ballot. If passed, Initiative 195 would raise the current flat tax rate of 4.4 percent to 7.4 percent for those earning more than $500,000, and increasing as incomes rise to a top rate of 8.4 percent for those earning more than $1 million. A majority of Colorado taxpayers might see a slight income tax reduction, with many eventually getting caught up in the graduated brackets, as they are not indexed for inflation. ...
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Colorado Graduated Income Tax Proposal Heads to Signature Review
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Colorado Politics, Approved, State

Colorado Graduated Income Tax Proposal Heads to Signature Review

By Marianne Goodland | Colorado Politics The measure, which eliminates Colorado’s flat tax, is expected to raise $2 billion in new revenue The proposal to amend the Colorado constitution to change the state’s flat rate into a graduated income tax came in under the wire Monday, the deadline for groups to turn in petition signatures for November’s ballot, setting up a high-stakes battle over revenue. Backers of the graduated tax proposal — which would marginally decrease the tax liability for the lower ends of the new bracket, while raising taxes for others — turned in 157,000 signatures with about an hour to go before the 5 p.m. deadline. The proposal, if approved at the ballot box, is expected to generate $2 billion more in tax revenue for the state. Doze...
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Two measures. Two opposite answers. One Colorado income tax rate.
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Rocky Mountain Voice, State, Top Stories

Two measures. Two opposite answers. One Colorado income tax rate.

By Shaina Cole | Contributing Writer, Rocky Mountain Voice Colorado voters may face a choice in November between two measures that couldn't disagree more about the state income tax. One would replace the flat rate with a graduated system and raise close to $2 billion a year. The other would make it illegal to raise the rate at all. Neither one is a new idea. And the differences between them go deeper than the rate. What each one does Colorado's income tax has been flat since 1987, meaning everyone pays the same percentage regardless of what they earn. The rate is currently 4.40 percent. Initiative 195, backed by a coalition led by the Bell Policy Center, would replace that with six brackets.  The Legislative Council Staff, which produces nonpartisan fiscal analys...
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