Colorado voters weigh Amendment 87 graduated income tax proposal

Colorado voters are considering Amendment 87, a measure that would replace the state’s current 4.4% flat income tax with a graduated system. The proposal aims to collect more than $2 billion from individuals earning over $500,000 annually to fund healthcare, education, and childcare programs.

Supporters argue the measure is necessary to address a projected $1 billion budget shortfall and rising Medicaid costs. Proponents, including the Colorado Consumer Health Initiative, state that 96% of the new revenue would come from the top 1% of taxpayers, while the measure would result in tax cuts for 97% of Coloradans. They contend that businesses paying the higher rate would primarily be large multinational corporations.

Opponents, including Governor Jared Polis, argue that small and midsize businesses would bear the brunt of the tax increase. Additionally, some conservative groups have expressed concerns regarding the impact on seniors and veterans, though such claims have been disputed by local news outlets.