Politicians, including Colorado Gov. John Hickenlooper, want voters in November to approve a massive, historic and permanent billion-dollar-a-year tax increase that will raise income tax rates of middle-class wage earners from 4.63 percent to as high as 5.9 percent. It could be a hard sell, to say the least, but politicians tell us it’s all for the children. It’s an education tax, they insist.
The progressive tax, which would do away with Colorado’s fair and enviable flat tax, would cost almost $600 each year for a family living on $100,000. For someone earning $45,000, the cost would be $166.50.
Most decent human beings care about children and value education, so perhaps they’ll think a giant wallop to Colorado’s economy, along with a hit to household budgets, makes good sense. Anything for the children.
Just make sure the politicians prove it. Make sure this money will go for education before even considering a vote in favor of something that will tax Colorado incomes at a rate higher than is paid in more progressive states, such as Michigan, Massachusetts and Illinois. Understand that voting to take an additional $1 billion a year out of Colorado payrolls will be a gift to flourishing states, such as Texas and Wyoming, that charge no income tax and try to lure talent and employers away from Colorado on that basis.
Related: Madison’s planned spending and property tax increase for 2013-2014.