A measure to lower Colorado’s income tax rate could save taxpayers $1.6 billion over the next five years, according to a new analysis.
Voters will decide in November on Initiative #31, which proposes reducing the income tax rate from 4.55% to 4.4%.
The analysis, by the Common Sense Institute, a free-enterprise think tank, estimated that if passed, the measure’s most significant economic impact would come in fiscal year 2023, with the “dynamic impact of the tax savings” being 9,110 more jobs.
“At a time when Colorado families are facing inflation, the proponents of this measure are seeking ways to relieve the tax burden and keep Colorado affordable,” Chris Brown, CSI’s vice president of policy and research, said in a statement.
See the full article by Robert Davis, August 11, 2022