To “Energize our Economy” Independence Institute Launches Tax Reduction Ballot Initiative
May 18, 2020
Denver – Independence Institute, Colorado’s free-market think tank, announces its petition drive launch today of a ballot initiative that will reduce the flat Colorado state income tax rate from 4.63% to 4.55%.
The signature gathering process for Initiative #306 will begin today.
The initiative, currently known as Initiative# 306, is supported by the issue committee Energize our Economy. The purpose of this ballot initiative is to get Colorado’s economy back to its former strength, by putting money back into the pockets of those who earned it.
This flat-rate tax cut will also offer voters an alternative to a progressive income tax increase that will also be on the ballot, Initiative #271, that seeks to raise income taxes by $2 billion a year.
“The Colorado economy —pre-COVID-19— was on fire thanks to our Taxpayer’s Bill of Rights and our flat state income tax,” said Jon Caldara, President of the Independence Institute, and co-ballot proponent of the tax rate reduction. “We look forward to giving the voters a real choice between a progressive tax increase which will be billed as a middle-class tax cut, and a real tax cut for every Coloradan. Question is: which one is actually the tax cut? Hint: Not the ballot question that starts “Shall state taxes be increased $2,000,000,000 annually.”
Colorado State Senator Jerry Sonnenberg, co-ballot proponent, has seen first-hand how unemployment, caused by Colorado’s COVID-19 related shutdowns, has affected Coloradans — including those in the rural areas. “Small business owners all over Colorado are feeling the pain of these shutdowns, and their incomes have suffered as a result,” Sonnenberg said. “In many rural communities, there are no big-box stores, just small businesses. An across the board income tax rate reduction will allow these business owners and their employees to keep and spend more of their own money. State government doesn’t need to increase its already bloated budget.”
Colorado Rising State Action, Unite for Colorado, and Americans for Prosperity are coalition partners in support of this reduction in the state income tax rate.
“We think that a small tax cut for everyone makes a lot more sense than a $2 billion tax increase,” said Michael Fields, Executive Director of Colorado Rising State Action. “And even if both pass, the tax cut only has to win by one vote over the tax hike to be implemented. So, we like our chances.”
Dustin Zvonek, CEO of Unite for Colorado said, “During these challenging times, we need to do everything we can to revive our economy. By lowering taxes, and protecting our fair flat tax structure, this measure will provide much needed economic relief for Colorado families.”
Jesse Mallory, State Director of Americans for Prosperity – Colorado added, “The question is simple: who needs your money most right now —you, or the government? Colorado voters should have that choice in November.”
To invigorate Colorado, the legislature must also stop raising taxes by calling them “fees” to avoid a public vote. Independence Institute is also in support of Initiative #295 which would require an enterprise, that has projected revenue of over $100,000,000 in its first five years, to go to a vote of the people. This ballot initiative is sponsored by Colorado Rising State Action. Initiatives #306 and #295 will re-ignite Colorado’s economy.
For more information about Energize our Economy, please contact Jon Caldara at Jon@i2i.org.