When Coloradans go to the polls this November, they’ll face a decision on an issue that could have a greater effect on their everyday lives than anything else on the ballot. No, not the presidential election, but Amendment 69, or ColoradoCare a government-run, single-payer health care system fueled by $25 billion in new taxes in the first year alone.
To put this massive amount into perspective, consider that the state’s entire spending is $27 billion, so this one program would essentially double the Colorado budget.
Amendment 69 means new income taxes for everyone
While there are many unanswered questions about how this immense new program would work, the proposed legislation is clear on who’ll pay for it:
Employers would pay a new 6.67 percent payroll tax.
Workers would pay another 3.33 percent payroll tax.
Many businesses would pay both sides of the tax, for a total of 10 percent.
This double whammy would apply to more than 235,000 Colorado companies structured as “pass-through” entities – sole proprietors, partnerships, S corporations, LLCs, LLPs, many trusts, and more.
On top of that, there’s a 10 percent tax on non-payroll sources of income, such as business interests, rentals, capital gains, even taxable retirement benefits like Social Security and pensions.
The $25 billion-per-year price tag tops the list of reasons to vote NO on Amendment 69, not to mention the new 10 percent tax burden on your clients, the affect it will have on the health insurance industry and the impact ColoradoCare will have on the overall Colorado economy.
It’s our responsibility to take action – visit Colorado For Coloradans for more information.