Failed and Inequitable Tax policy
Failed and Inequitable Tax policy
Tabor has put a stranglehold on our most vital services. This years budget crisis (pre HR1 cuts) was a $1.2 Billion deficit. Yet we gave over $8 Billion in Tabor refunds over the last three years. That averages out to less than $500 per person per year. That is less than a set of tires or suspension when your car hits a pothole on a road desperately needing paving!
Furthermore, HR 1 demonstrated how beholden Coloradans are to the federal government. Our tax system is linked directly to the federal taxable income. While that may make sense for individual taxpayer. Over $900 MILLLION of the $1,000,000,000 deficit was due to corporate taxes. Of that, 2/3, or over $600,000,000 was tax cuts for "C" Corporations. Big businesses with armies of accountants and lawyers. Simply "decoupling" the C Corp tax code would save everyday Coloradans $600 million per year. Not a tax increase. But not giving big businesses an additional tax break to fund vital education, mental health, and transit needs in our state.
We need common sense and equitable tax reform. That is why I am strongly endorsing an advocating for the 2026 ballot measure which would enact a graduated income tax in Colorado. This measure would be a tax cut for 98% of Coloradans, while asking the 2% individuals and corporations to pay their fair share!
Every other issues that we face, education, housing, affordibilty, transportaion, all are subject to this issue. We cannot solve the education, affordability, and transportation funding crisis in Colorado without first solving the antiquated and failed tax policy issue. To try to do so is only further tinkering around the edges!