NTU Proudly Endorses Tax Cut Legislation in Colorado

The Honorable Rod Pelton

Colorado House of Representatives 

200 E. Colfax Ave, RM 307

Denver, CO 80203

Dear Senator Sonnenberg and Representative Pelton, 

 

On behalf of National Taxpayers Union (NTU), the nation’s oldest taxpayer advocacy organization, I write to express our strong support for Senate Bill (SB) 55. On the heels of comprehensive tax reform at the federal level, this pro-taxpayer legislation is an excellent opportunity for lawmakers to provide even more tax relief to millions of taxpayers and businesses across Colorado. Reducing the state tax burden and thereby allowing Coloradans to keep more what they earn is common sense, and NTU hopes all members will cosponsor this legislation and call for its swift passage. 

 

Colorado’s current tax structure has several favorable components; it features one of the strongest Taxpayer Bill of Rights in the country and a relatively low flat tax rate. However, the flat 4.63 percent individual and corporate tax rates have not changed since they were last lowered in 2000, nearly two decades ago. The base broadening tax cuts of 2000 have largely succeeded in spurring economic growth, resulting in a near doubling of individual income tax revenue. Despite record-setting revenue intakes since 2000, very little has been returned to taxpayers, with nearly all revenue being to used to fund out-of-control spending. Taxpayers deserve reprieve, and Denver has failed to deliver any. 

 

Thankfully, your legislation would deliver meaningful tax relief to taxpayers who have long desired a lower state tax bill. Specifically, your pro-taxpayer proposal cuts the individual and corporate income tax rates from 4.63 to 4.49 percent, while also slightly reducing the Alternative Minimum Tax. If enacted, it would put money back in the pockets of hard-working Coloradans and continue to fuel business growth in the economy and bring new investment into the Centennial State. 

 

SB 55 presents Colorado with a great opportunity to be the first state in the nation to enact tax cut legislation in 2019. Its enactment would serve as a significant victory for taxpayers and businesses, which will further unleash the economy and confirm to job creators across the country that Colorado is a great place to do business. NTU is pleased to endorse this important legislation and urges all members to cosponsor it.

 

Sincerely, 

Thomas Aiello

Policy and Government Affairs Associate