Campaign For A Progressive Income Tax In Colorado Faces Setback
The post Campaign For A Progressive Income Tax In Colorado Faces Setback appeared on BitcoinEthereumNews.com. Campaign to replace Colorado’s flat income tax with progressive rate structure runs into stumbling block. getty On June 22, 1987, Colorado became the first state in the nation to move from a progressive income tax code to a flat rate when then-Governor Roy Romer (D) signed House Bill 1331 into law. Now, nearly four decades later, A ballot measure campaign dubbed “Protect Colorado’s Future” (PCF) is seeking to move the state back to a progressive income tax system. “A coalition led by the Bell Policy Center is pushing the proposal, which is estimated to lower taxes for any person or company making less than $500,000 a year and raise them for those making more,” noted Ed Sealover, vice president of the Colorado Chamber of Commerce, of the effort to put a graduated income tax initiative on the 2026 ballot. “The plan’s method of calculating taxes is complex, with businesses and individuals paying different rates on different portions of income, such as the first $100,000, the amount between $100,000 and $500,000, the amount between $500,000 and $750,000, etc. But Bell estimated it will create an effective tax rate between 4.2% and 4.4% for those earning $500,000 or less and effective rates from 4.9% to 9.2% for those making more, with the highest rate reserved for businesses and individuals generating $10 million or more.” “Colorado is at a turning point,” said Bell Policy Center president and CEO Chris deGruy Kennedy at the May launch of the PCF coalition’s campaign for a progressive income tax. “For more than three decades, an upside-down tax code has hurt Colorado’s schools, health care, childcare and the environment. We’ve made the wealthy even wealthier while everyone else struggles to keep up.” However, Kennedy and other members of the PCF coalition recently encountered procedural hurdles that they must…
BitcoinEthereumNews2025/10/25 00:32