by Elizabeth Malm
October 21, 2013
On November 5, 2013, Colorado voters will face a ballot measure that increases state individual income taxes by $950 million in its first year. This large tax increase will have negative effects on the economy of Colorado. In particular, this will increase taxes on small businesses filing through the individual income tax code and low- and middle-income taxpayers. In light of higher costs for household necessities and relatively flat Colorado income levels, increasing individual income taxes would further reduce the take-home pay of low- and middle-income Coloradans, adding a second round of austerity to already cash-strapped households.