Chamber opposes 73 The Castle Rock Chamber Board of Directors took a position to oppose Amendment 73 — Graduated Income Tax, which would change the state income tax rate from 4.63 percent to a …
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Chamber opposes 73
The Castle Rock Chamber Board of Directors took a position to oppose Amendment 73 — Graduated Income Tax, which would change the state income tax rate from 4.63 percent to a progressive income tax with a top marginal rate of 8.25 percent for (individuals and those filing jointly) earning over $150,000 annually, which is not adjusted for inflation.
The stated purpose of A73 is to increase funding for public schools by $1.6 billion per year. What this means and why the chamber is opposed: While agreeing education is important for our children and our future workforce and should be properly funded, we believe Amendment 73 causes more harm than good: 1. It’s a Constitutional amendment. That means this financial arrangement would be permanently a part of our Colorado Constitution regardless of future needs for education or any other state service. 2. It unfairly impacts our smallest of businesses whose business income is taxed at a personal rate. Instead of the flat rate of 4.63 percent they would have to pay this new tiered rate up to 8.25 percent, which is a 58 percent increase. 3. The $150,000 is not indexed to account for inflation. That means in the years ahead more and more individuals and people filing jointly will be impacted by this increase as their income grows. 4. It also makes Colorado unattractive to innovators and entrepreneurs.
These are the reasons the Castle Rock Chamber does not believe Amendment 73 is good for doing business in our communities.
President/CEO Castle Rock Chamber of Commerce
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