by Clayton Moore
First things, First. Now about this proposed Permanent Income Tax increase on your November 5th 2013 Ballot…
What was originally known state-wide as “Initiative 22” has now officially become “Amendment 66” – and it is that Amendment that you’ll be voting on this November 5th.
(Click Here) to read the specific Ballot Language of Amendment 66.
Note: It was confirmed this week by (Amendment 66 proponent – State Sen. Mike Johnston (D) – that Initiative 22 is the precise ballot language of Amendment 66). The web page link above – is to the Colorado Secretary of State, website.
Who will be affected if this permanent Income Tax increases passes”
Answer: from the ballot language – “INCOME TAX RATE ON INDIVIDUALS, ESTATES, AND TRUSTS AND IMPOSING AN ADDITIONAL RATE SO HIGHER AMOUNTS OF INCOME ARE TAXED AT HIGHER RATES
This Income Tax increase is projected to raise ~$950 Million in its first year.
What happens if in future years…Colorado’s economy improves (more folks move to into Colorado?) and more than $950 Million is raised?
Answer: Per the Ballot Language – Taxpayers will/have forfeited their Colorado Constitutional (Taxpayers Bill of Rights) to control future Tax increases and the State will collect and spend any and all future Taxes collected in excess of $950Million dollars!
Proof: The Ballot Language – “ALLOWING ALL TAX REVENUES ATTRIBUTABLE TO THIS MEASURE TO BE COLLECTED AND SPENT WITHOUT FUTURE VOTER APPROVAL;”