Colorado's Amendment 66 ignites battle over PERA pension contributions
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#1 Oct 23, 2013
Even without the PERA issue, Amendment 66 is bad for Colorado.
Here are the stats on Amendment 66 as I see them:
The Colorado income tax receipts for 2012 were about $5B. Amendment 66 increases them by $1B. This is a 20% increase in the state income tax.
There are 2,000,000 households in Colorado according to the US Census. Divide this number into $1B and you get an average of $500 tax increase per household. There will be a lot of people who pay well over the commonly quoted $133 household number.
The income tax rate for those earning under 75K will increase by 0.37% from 4.63% to 5.00%. This is an increase of 0.37/4.63 or 8%. If you paid a dollar last year, this year you'll pay $1.08.
The incremental income tax rate for those earning over 75K (which probably includes a lot of two income households) goes from 4.63% to 5.9%. This is a gargantuan increase of 1.27/5.9 = 27%. If you paid a dollar last year, you'll now pay $1.27.
This huge tax increase benefits only one sector of government: education. There are no funds going to infrastructure and no funds going to storm water mitigation.
Amendment 66 is too big, too imbalanced, and too poorly constrained.
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