Contact: Joe Watt, 303-297-0456, ext. 217 303-475-3048 (cell)
Amendment 66 will make the state income tax more efficient and productive
Amendment 66 will restore Colorado's ability to raise enough revenue to meet our schools' growing needs and make the income tax more like those of our neighbor states, all without overburdening Coloradans.
Amendment 66 will restore Colorado's ability to raise enough revenue to meet our schools' growing needs and make the income tax more like those of our neighboring states, all without overburdening Coloradans. From the adoption of the income tax in 1937 through 1986, Colorado used a "tiered" income tax, where tax rates rose along with a taxpayer's income. Shifting to a single-rate income tax in 1986 seriously harmed the state's ability to fund education.
Will Amendment 66 get "flooded out?" That was a question posed to Sen. Mike Johnston Wednesday during a panel discussion at the University of Colorado Denver.
The question implied that the recent devastating floods in northern Colorado may distract potential voters from the election, or heighten voter nervousness about the amendment's $950 million income tax increase.
The Bell Policy Center, along with the Colorado Center on Law and Policy and the Colorado Fiscal Institute, released a report today showing that increasing the income tax will not harm Colorado's economy. Here is the release that accompanied the report.
Increasing income tax won't harm Colorado's economy
Raising the income tax to support public education, as voters will be asked to do this fall when they vote on Amendment 66, will not hurt Colorado's economy, since state taxes have only a minor effect on economic growth. State tax increases or cuts have little influence on business-location decisions, the creation of small businesses or other economic activity, a large body of research shows. Other factors, like how the nation is faring economically and how much consumers are spending, are far more important to the economic health of states.
The 10th Circuit Court of Appeals will hear oral arguments today on whether a lawsuit challenging the constitutionality of Colorado's Taxpayer's Bill of Rights should go forward.
The suit, filed in U.S. District Court in 2011 by several current and former state and local elected officials, argues that TABOR violates the U.S. Constitution because it usurps one of their most fundamental powers, the ability to impose taxes, and that prevents the officials from doing the jobs to which they were elected.
The Colorado Commits to Kids events calendar, largely bare for the past couple of months, has filled up this week with several community meetings and field office openings.
Colorado Commits is the main campaign organization pushing for voter approval of Amendment 66, the state income tax increase that would raise $950 million a year in additional funding for P-12 schools.
The Bell Policy Center, along with the Colorado Center on Law and Policy and the Colorado Fiscal Institute, released a report today that shows the benefits of investing in education. Here is the release that accompanied the report.
Investments in education called for in Amendment 66 would help economy as well as students
Investing in education not only helps students in the classroom, it also leads to higher wages, greater productivity and higher rates of economic growth.