Two-thirds of a million dollars in in-kind contributions so far, is being used to advocate cutting the state’s individual and corporate tax rates from 4.63% to 4.55%. With the damage done to payers by COVID, it argues, it is time to ease up on taxes.
The opposing argument: This is the time the state, with its growing population and commitments to education, Medicare, Medicaid and transportation, needs the full tax revenue.
Individuals and corporations that earn money and are profitable pay taxes. Sales taxes can be regressive, and property taxes may have no relation to income.
We invite this question back in three years, when the country is likely to be almost fully back on its feet with COVID’s presence more limited. The time to consider reducing the tax rate is when Colorado is flush.
We suggest a No vote on this tax question.