IP-7-2011 (October 2011)
Author: Barry Poulson and John D. Merrifield
PDF of full Issue Paper
Scribd version of full Issue Paper
Proposition 103 is an initiative that will increase Colorado tax rates and require the state to spend the money on government schools. Prop 103 increases the personal income tax, the corporate income tax, and the statewide sales and use tax for the years 2012 through 2016.
The Fiscal Impact Statement prepared by Colorado’s Legislative Council Staff estimates the cost of the tax increase at $2.9 billion. However, the cost for Colorado taxpayers will be significantly greater than staff estimates. Legislative Council uses static analysis, measuring only the direct impact of the higher taxes on state revenue. They ignore the negative impact the tax increase will have on economic growth and jobs in Colorado.
So, even with built in automatic tax increases Colorado Schools (Unions) need even more money. Now why couldn’t I have guessed that?
Nevertheless, I’m sure that the people of Colorado will vote in favor of this measure. Because after all is said and done the people there are stuck on stupid.