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1 Nicole Kaeding & Jared Walczak, Colorado Amendment 69 1 (2016)

handle is hein.taxfoundation/colamdmt0001 and id is 1 raw text is: FOUNDATION FISCAL FACT No 532 Oct. 2016 .................................................................................................................... Colorado Amendment 69 By Nicole Kaeding and Jared Walczak Economist Policy Analyst ...................................................................................................................................................................................................................................................................................................................................................... Key Findings Amendment 69 in Colorado would reshape Colorado's tax and health care system with a new 10 percent payroll and income tax and a new public option health care system. The 10 percent payroll tax is in addition to Colorado's current 4.63 percent income tax. The economic incidence of payroll taxes is borne by employees, not employers. Splitting responsibility for the payment of the tax between employer and employee does not change the economic incidence. The new tax would apply on the first $350,000 of income for singles or $450,000 for married couples. Income above those levels would be exempt from the tax, creating disparities in effective tax rates for Colorado residents. Individuals earning $50,000 would pay a higher effective tax rate than those earning $1 million. Uniquely, ColoradoCare would operate almost entirely outside of the state's governmental structure, governed by a board of trustees with unusually broad authority, including over the premium tax that would fund its existence. If adopted, Colorado's rank on the State Business Tax Climate Index would plummet from 16th overall to 34th, and from 16th to 32nd on the individual income tax subcomponent. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non profit organization. ©2016 Tax Foundation Distributed under Creative Commons CC BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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