- September 21, 2022
With the Proposition 103 tax increase heavily defeated this November, what comes next for Coloradans for low taxes and limited government? Senior fellow Penn Pfiffner was a guest on The Tax Foundation’s podcast show recently to discuss Prop 103’s resounding defeat, the nature of our state budget, government’s role in our lives, and the ongoingREAD MORE
Proposition 103 is an initiative that will increase Colorado tax rates and require the state to spend the money on government schools. Prop 103 increases the personal income tax, the corporate income tax, and the statewide sales and use tax for the years 2012 through 2016.
The Fiscal Impact Statement prepared by Colorado’s Legislative Council Staff estimates the cost of the tax increase at $2.9 billion. However, the cost for Colorado taxpayers will be significantly greater than staff estimates. Legislative Council uses static analysis, measuring only the direct impact of the higher taxes on state revenue. They ignore the negative impact the tax increase will have on economic growth and jobs in Colorado.READ MORE