The beauty of Proposition 116 lies in its simplicity: It will decrease taxes for ALL Colorado taxpayers. Period.
That's why shortly after the measure got approval for the November ballot, Governor Jared Polis supported it, saying, "We've long sought an income tax decrease [and] particularly in this challenging time, I think Coloradans certainly need tax relief."
He's right, and there are countless reasons why now is the time for a modest 0.08% cut in the state's income tax rate.
I introduced legislation in the last two legislative sessions to decrease the income tax rate. Unfortunately, the bills never made it through the legislature.
That's why I, together with Independence Institute President Jon Caldara, proposed a ballot initiative earlier this year to reduce the income tax from the current rate of 4.63% to a new rate of 4.55%.That initiative will be on the November ballot as Proposition 116,and it will voters the power to do for themselves what I tried to accomplish for them legislatively.
Outside analysis by the non-partisan Common Sense Institute finds that this tax cut will expand the state's economy and create new jobs. The only downside to the measure is that it won't even come close to giving Coloradans back all the money the state has taken from them in recent years without consent. In recent years the legislature has repeatedly created billions of dollars in new fees on Coloradans without a ballot vote by the people.
The simple truth is, Proposition 116 is a mild but much needed tax cut for all taxpayers at a time when Coloradans could use the boost wherever they can get it. Governor Polis gets that, which is why he supports it.
On November 3rd, taxpayers will have the opportunity to give themselves and our economy a boost by voting "yes" on Proposition 116.
Jerry Sonnenberg, Colorado Senate District 1