After spending the morning sobering up from our Floor Signing/Californian of the Year announcement the night before (Senator Faith Winter took home the big honor in case you missed Entertainment Tonight), we delivered 216,000 signatures last Friday to the Colorado Secretary of State Office for our income tax cut initiative.
This is an exceptional achievement. We are one COLOSSAL step closer to reducing the state income tax to a flat 4.40%. Once the signatures are verified, it guarantees voters WILL see the question on their 2022 ballots!
I ask you to step back and look what you have been part of over the years.
Turning sound tax policy into sound tax reality is at the core of our work. When Independence Institute was founded in the mid-1980’s, Colorado’s top income tax bracket was 8%. And that was for taxpayers with an Adjusted Gross Income of just $11,000.
Thanks to work by our economist Barry Poulson, Independence was key to the change to a flat 5% rate in 1987. Our research and support helped then governor Bill Owens reduce it to 4.63% by 2000. And when our tax cut wins next November, it will be 4.40%
By always fighting off the endless tax increase proposals over the years and promoting cuts instead, our work has cut the income tax rate nearly in half! You made that possible. Thank you!
Who knows…maybe there is a path to zero income tax? We’ll let you know when those signatures get verified and we’re officially on the ballot. Stay tuned!