Colorado Proposition 121 (STATUTORY) (2022)
NO / AGAINST. Prop 121 is another continuation of conservative / Republican-aligned groups continuing to chip away at the state income tax, with the savings largely going to wealthier residents.
Shall there be a change to the Colorado Revised Statutes reducing the state income tax rate from 4.55% to 4.40%?
NO / AGAINST. Per Chase Woodruff in Colorado Newsline on Prop 121: “If the initiative passes, a tax filer who earns $60,000 a year would owe about $63 less in taxes in 2023, according to a state fiscal analysis. Nearly half of the benefits of the rate reduction — an estimated $188 million — would go to Coloradans earning more than $1 million a year, who would see an average tax cut of $6,647.”
Another income tax cut would also directly impact 2022’s Prop 123 which would dedicate a small amount of income tax surplus to fund affordable housing in Colorado.
Here’s a quote from Scott Wasserman in CPR on Prop 121: “When we hit the first recession, we’ll be taking in less money,” said Scott Wasserman, president of the progressive Bell Policy Center, in an earlier interview. “This will impact K-12 education, health and human services, corrections, higher education, public safety, you name it.”
I urge you to vote no.
Additional Reporting, Commentary, and Sources
Colorado Proposition 121, State Income Tax Rate Reduction Initiative (2022) – Ballotpedia
Colorado Blue Book – Proposition 121 – State of Colorado
Proposition 121: Should Colorado cut its income tax rate again? – Denver Business Journal
Colorado Proposition 121: State Income Tax Rate Reduction Initiative – Daily Camera