General Election Day is Tuesday, November 3
Ballots will be mailed to all registered voters in mid-October
Initiative 271: Fair Tax Colorado
- Currently, Colorado’s middle class pays more in taxes than the wealthiest 5% of Coloradans. Colorado has a significantly regressive tax structure, where the wealthy pay much less in taxes (by percentage) than Coloradans with lower incomes.
- Half of the $2 billion raised by creating a fair tax code will go toward increasing pay for our teachers and student support staff. Currently, Colorado ranks last in the nation in teacher wage competitiveness.
- The other half of the $2 billion raised by creating a fair tax code will go to other critical needs, including affordable housing and health care, road repairs and maintenance, postsecondary learning opportunities, child care, and worker supports.
- Would reduce the tax rate for income below $250,000 for all Coloradans. More than 95% of Coloradans would see an overall tax reduction.
- Would create three new tax brackets that increase tax rates on marginal income above $250,000. For example, while a millionaire would see a tax cut on their first $250,000, they would see a tax increase on income above $250,000.
- Colorado had a graduated income tax until 1987. A flat income tax was incorporated in the Colorado Constitution in 1992.
- Nothing is more important than family. At some point, nearly everyone will need to take time to care for themselves, a new child, or a seriously ill family member.
- Our state’s working families are being left behind. Although the new statewide paid sick leave policy allows employees to accrue up to 48 hours of leave per year (with additional leave allowed during a public health emergency), a sustainable leave system is needed to allow for longer time periods.
- The current pandemic has tragically exposed how vulnerable our workers are to health crises.
- Will provide for up to 12 weeks of paid family and medical leave.
- Workers will be eligible for leave after earning $2,500 in wages (same as unemployment insurance). Worker’s jobs will be protected after 180 days of employment.
- Employers and employees would split 50/50 a contribution of 0.9% of employee wage (0.45% each). Employers can choose to pay up to 100%.
- Low-income workers would receive 90% of their pay during time off. The maximum weekly benefit begins at $1,100, then adjusts to 90% of state average weekly wage.
- Small businesses with fewer than 10 employees are exempt from paying employer premium.
- State and local governments are included; local governments can choose to opt-out.
- Premiums would begin in January 2023.