Colorado's 'Soak the Rich' Ballot Question (Guest: Penn Pfiffner)
In November, Colorado voters will be asked to approve Amendment 93, a ballot question creating a progressive income-tax structure to "soak the rich" and raise money for government schools.
Pfiffner says Amendment 93 would increase income taxes for people earning above $150,000 per year, and create a progressive income tax scale, instead of the state's current flat tax rate of 4.63 percent. Individuals earning $150,000 or more annually would be taxed at increasingly higher rates, Pfiffner says, as would many small business owners.
Amendment 93 is an awful idea, he says, calling it the worst possible scheme to raise taxes and generate revenue. Colorado would no longer tax people in a proportional way if labor unions and governments have their way. Instead of trying to chase people away with high and unfair taxes, Pfiffner suggests the state government should leave well enough alone and keep on doing what's obviously working, judging by the huge influx of new residents moving to the state from other, taxpayer-unfriendly jurisdictions.