Letters to the Editor
A friend of mine recently called initiative Amendment 73 "a chocolate-covered lemon." It is deceptive. Deceitful because it is being sold as a tax increase on wealthy CEOs and corporations, but that's dishonest. Amendment 73 triggers a massive income tax increase on tens of thousands of small businesses, farms, middle income married couples, and each and every homeowner in Colorado. Some of Colorado's best-known and most vital employers would be hit with tax increases as high as 78 percent.
"Taxing the wealthy and big corporations" might taste like chocolate, but here is the true story about this lemon.
• Despite attempts of the authors of Amendment 73 to imply that it will reduce property taxes, the truth is it will not.
• Despite attempts of the authors of Amendment 73 to suggest that it will increase corporate taxes only 1.37 percent, the truth is that it would increase taxes 1.37 points, a 30 percent increase in corporate tax rate — a job killer.
• It raises taxes by $1.6 billion annually to increase education funding.
• It ditches Colorado's longstanding flat-rate 4.63 percent income tax in favor of a progressive income tax, with a top bracket of 8.25 percent (a 78 percent increase).
• It raises the corporate tax rate from 4.63 percent to 6 percent (a 30 percent increase on companies that provide Colorado jobs).
• It sets the residential property tax assessment rate for school districts at 7.0 percent (an increase over the projected rate of 6.1 percent, set for just a few months away) and decreases the assessment rate to 24.0 percent for most commercial and industrial property owners.
• It permanently removes all education dollars from the state's spending limits, with no assurance the money will end up in classrooms and in the hands of hard-working teachers.
Vote no on 73.
Former Loveland City Council
Former HD51 Representative