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Tag: Overtime Tax

Big business taxes, small family credits, and a permanent tax on overtime
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Rocky Mountain Voice, State, Top Stories

Big business taxes, small family credits, and a permanent tax on overtime

By Shaina Cole | Contributing Writer, Rocky Mountain Voice Rep. Yara Zokaie stood before the House Finance Committee on March 9 and made the case for HB26-1221, a bill targeting executive pay deductions and corporate loss carry-forwards. "Our families are struggling to juggle their rent, groceries, and utilities," she said. The legislature had a choice. It could "choose to protect tax breaks for millionaire CEO salaries" or "allow for a break for our hard-working Coloradan families." Zokaie also co-signed HB26-1289. The reengrossed text of that bill, passed by the House on May 4, contains a provision requiring Colorado workers to add their federally exempt overtime pay back into state taxable income. Congress created a federal income tax deduction on overtime pay — up to $12,500 ...
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Gaines: Colorado’s add-back taxes are a backdoor tax on overtime
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Colorado Accountability Project, Approved, Commentary, State

Gaines: Colorado’s add-back taxes are a backdoor tax on overtime

By Cory Gaines | Commentary, Colorado Accountability Project The Great Colorado Add Back? My state senator (B Pelton) alerted me to something you'll almost certainly see in the coming state special session: add back taxes. I thought it would be good to give some resources on that so you'll better understand it and (I hope) be a better advocate on the issue. This is something I will follow up on as the special session gets going; Sen Pelton is running a bill to make such taxes conform to TABOR limits. I have asked for a copy of that bill and will share if and when I get it. There are many different kinds of tax add backs, but I'll stick to the topic of state income tax add backs because I can use the link below as a reference. The State of Colorado weblink at bottom gives ...
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Gazette editorial board: Why taxing servers and medics is political malpractice
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denvergazette.com, Approved, Commentary, State

Gazette editorial board: Why taxing servers and medics is political malpractice

The Gazette editorial board | Commentary, Denver Gazette You’d think our state’s ruling Democrats would be doing their level best to win back the working class in advance of next year’s national midterm election. It will be a referendum, after all, on the Trump presidency and congressional Republicans — who won power last year with the support of workers long deemed the sole domain of the Democratic Party. Yet, Colorado’s Legislature and Gov. Jared Polis decided to gut-punch Colorado workers, instead — by essentially taxing their hard-earned overtime wages. That provision was buried in an obscure, wide-ranging bill innocuously titled, “Tax Expenditure Adjustment,” which lawmakers passed this spring. Polis signed it into law in May. The state’s overtime tax is intended to offset fe...
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