Tax Foundation Says Amendment 69 Would Hurt Colorado’s Economy

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The Tax Foundation, an independent research organization, released a new report analyzing the impact ColoradoCare would have on Colorado’s economy. Their diagnosis? Amendment 69 would be a disaster for taxpayers.

Some of the key findings of the report include:

  • “Amendment 69 would hurt Colorado???s tax climate as the state would surpass California with the highest individual income tax rate in the country.”
  • “Amendment 69 would create a new bureaucracy, with immense authority to change taxes, outside of the state???s current balance of powers, eliminating transparency for taxpayers.”
  • “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.”
  • “Colorado would plummet from 16th to 34th nationally on the State Business Tax Climate Index, confronting voters with an important choice in the Centennial State.”

Read the full analysis here.

Learn more about Amendment 69 on coloradansforcoloradans.com

 

Opposition for Amendment 69 Continues to Grow!

In the November election, we’ll be voting on Amendment 69 which, if passed, would raise taxes by $25 billion a year and allow our healthcare system to be overseen by a committee of politicians. Because of this, opposition to Amendment 69 continues to grow! Watch the video below to learn more:

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What Coloradans Must Know Before Voting on Amendment 69!

We are voting on Amendment 69 in the November election – let’s be prepared to make the right choice! Here are a few things to consider before heading to the polls:

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  1. It will have a negative impact on the Colorado economy. If Amendment 69 passes this Fall, Colorado will have the highest income tax in the nation. This will have a domino effect, forcing companies to leave the state and preventing new businesses from opening! Many Coloradans’ jobs will be at risk and large, national companies will face the challenge of working within multiple healthcare systems which will make Colorado a less-than-desireable place to do business.
  2. Seniors will be forced to pay premiums twice. As ColoradoCare will only affect state laws, Medicare will not be replaced. Seniors will then have to pay for their Medicare Part B plan and may still be forced to purchase supplemental coverage. In addition, they will pay an increase of 10{2eaa4f485d9cc6f51fe4a6cf8ce3ef0ebac906948fdf8a67ddff1a19f4ba00be} tax on their retirement savings, all while it remains unclear if the new system will afford them any new benefits.ccseniors
  3. ColoradoCare will double the size of state government and it is still unclear how the 21-member board will be selected. Questions linger as to how the proposed 21-member board would be chosen.?? It will be up to this collective of politicians to decide if you or your family can receive care for medical conditions, and we don’t even know yet who they will be!

 

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Colorado Health Institute does independent analysis of ColoradoCare | Colorado Health Benefits

As the November election approaches, it is imperative that we educate ourselves on the financial implications and sustainability of ColoradoCare. To help answer pressing questions about how this would affect the state’s budget, Colorado Health Institute (CHI), a nonpartisan health policy research center, conducted an independent financial analysis of ColoradoCare.

Top findings from the study include:

  • ColoradoCare would nearly break even in its first year while extending coverage to all Coloradans, but it would slide into ever-increasing deficits in future years unless taxes were increased.
  • On the plus side for ColoradoCare, it would be able to reach its goal of saving money in the health care system by cutting billions of dollars in administrative costs and insurance company profits. That funding could be reallocated to provide coverage to the 6.7 percent of Coloradans who remain uninsured, achieving universal coverage.
  • However, the revenues designated for ColoradoCare to pay for the new universal coverage wouldn???t be able to keep up with increasing health care costs, resulting in red ink each year of its first decade.

-Excerpted from ColoradoCare: An Independent Analysis – Finances by CHI – Read the full study here!

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Who’s Opposing Amendment 69? | Colorado Employee Benefits

cherrycreekColorado state legislators and government officials have concerns about Amendment 69! Read their recent statements on ColoradoCare below and follow the links for more information on why they oppose Amendment 69.

???Thanks to Obamacare via the state???s visionary Medicaid expansion and the launch of Connect for Health Colorado [insurance exchange], we have cut the uninsured rate in half in our state. Instead of abandoning the progress we???ve made in Colorado in recent years, we need to focus on protecting the gains we???ve already made?????????and building on that progress instead of starting from scratch.??? – Ian Silverii, Executive Director – ProgressNow

???This would give Colorado the highest income tax in the country.??It would attract people from all over the country to Colorado because they can???t get adequate health care elsewhere to come here for free medical care. This is a very dangerous ballot proposal.??? – Walker Stapleton, Colorado State Treasurer

???I don???t know what the answer is, but this will bankrupt the state.” -??District 1 State Sen. Jerry Sonnenberg (R-Sterling)

???The 21-member board has no oversight.” – State Rep. J. Paul Brown, R-Ignacio

???Our first concern was the 10{2eaa4f485d9cc6f51fe4a6cf8ce3ef0ebac906948fdf8a67ddff1a19f4ba00be} payroll tax. (Employer pays 6.67{2eaa4f485d9cc6f51fe4a6cf8ce3ef0ebac906948fdf8a67ddff1a19f4ba00be} and employee pays 3.33{2eaa4f485d9cc6f51fe4a6cf8ce3ef0ebac906948fdf8a67ddff1a19f4ba00be}). It would make Colorado the highest tax bracket state in the country. Whether you???re an existing business, or a business that???s trying to grow, or a business that is looking to relocate here, that 10{2eaa4f485d9cc6f51fe4a6cf8ce3ef0ebac906948fdf8a67ddff1a19f4ba00be} tax is going to be a strike against us?????????to be the highest income tax in the country.” – Denver Metro Chamber CEO Kelly Brough

???My concern is potential impact on businesses and small businesses. Some of these employers in Colorado say they can???t survive and will pack up and leave; you can analyze potential costs of what it might save, but what???s the cost to lost jobs.???- Fremont County Board of Commissioners, Chairman Ed Norden

Read more…

What Will Amendment 69 Cost? | Colorado Employee Benefits

Q. What will A69 cost_

They don???t know. State analysts estimate that the tax burden will be $25 billion. However, that is just an estimate based on significant assumptions that could vary widely. Proponents recognized the likelihood of this variability and empowered the Board of Trustees to ask ???members??? of the plan to approve tax increases, if needed. It is important to note that ???members??? are not the same as Colorado voters (non citizens and felons who are incarcerated or on-parole can vote as ???members??? of the plan, despite the fact that they are ineligible to vote in Colorado elections.)???? Further, while the article allows for the Board to establish ???procedures for managing surplus funding by maintaining necessary operating reserves, increasing benefits or issuing refunds to members,??? it is silent on if and how the constitutionally established tax rates could be reduced, absent another constitutional change.

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