In the upcoming fiscal year, the measure would reduce state income tax collections by about $413 million, out of more than $13 billion in individual and corporate income taxes being collected each year. In all, about half of the savings will go to people who make more than a million dollars a year, who represent less than 1 percent of the taxpaying population, according to state analysts.īut supporters also argue that lower tax rates can have secondary positive effects, such as boosting the overall economy. But the savings would be much greater for the state’s wealthiest people.įor example, someone making a million dollars would save $1,500 in taxes. The average taxpayer, with an income of about $79,000, would save about $119. If Proposition 121 passes, income taxes would be reduced for individuals and corporations in Colorado. The permanent tax rate is currently set at 4.55%. Colorado has a flat income tax rate, meaning no matter how much or how little a person earns, all state residents are taxed at the same rate.
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