In my blog last week, Should Colorado double the income tax rate, I asked the question if Colorado should increase the tax rate on higher earners. I was very surprised with the results of the survey. My base case was that this survey would be a blowout one way or another, but the results were much different. In the comments there was one profound sentiment that radiated through both pro and con of taxation
What was in the survey data on doubling the tax rate on higher earners in Colorado?
58% of respondents felt that doubling taxes on high earners is a terrible idea versus 42% who supported continuing to increase taxes. I was very surprised by this outcome as I thought/hoped it would be a blowout against raising taxes further.
Top Comments on increasing taxes on higher earners.
The comments were pretty interesting from the survey, as you can see they are very polarizing either for or against the proposal.
- By increasing taxes on wealthy taxpayers, the same events will repeat that we are seeing in CA and NY where wealthy taxpayers leave which ultimately decreases total tax revenue.
- Taxes are taxes. Take a vote from wealthy people who have companies here, or the people they will lay off or ask to move, many of whom will. Problem is the gov may seem to be a reasonable and nice guy but certainly not smart in any way. He signs all the bad economic stuff.
- The U.S. has the greatest number of wealthy in its history even far more than the Guided Age and at double the wealth rate. Sure there is always government waste and that should be addressed. What happened to loving your country and giving back more. I’m in the top 5% of the wealth in this country and have no problem paying 5% more in state and federal taxes. That won’t affect our lifestyle any.
- This comment captures the primary underlying theme on many comments: Higher tax rates are disincentives. Further deterrent to growth here in CO. Spending discipline is all but forgotten here in Colo-fornia. Beginning of doom loop if we lose business, wealthy resident tax base, and increase entitlement spending. Its proven time and again that lower tax = higher revenue, higher tax = lower revenue. It all works until you run out of other peoples money…
Summary: Should Colorado double income tax rates?
The results from the last survey were surprising to me. Long and short this topic shows the huge polarization emerging in Colorado on tax and spending and we will get to see how it all shakes out at the ballot. Unfortunately the root cause of the issue is that the State of Colorado has lost fiscal discipline and continues with the all you can eat buffet without making hard choices that every taxpayer must make. Thank you to everyone who participated in the survey, your insights are amazing.
Additional Reading/Resources
- https://coloradohardmoney.com/colorado-doubles-income-tax-rate/
- https://coloradohardmoney.com/one-co-town-proposes-to-tax-employers-for-hiring-workers/
- https://coloradohardmoney.com/legalized-prostitution-impacts-colorado-real-estate/
- https://coloradohardmoney.com/low-snow-year-impact-on-colorado-ski-real-estate/
- https://coloradohardmoney.com/denver-inventory-surges-and-yet-prices-rise/
- https://coloradohardmoney.com/vail-loses-major-lawsuit-should-you-only-buy-real-estate-in-a-vail-resort/
- https://coloradohardmoney.com/colorado-property-taxes-jump-40-percent/
- https://coloradohardmoney.com/category/survey-results/
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Glen Weinberg personally writes these weekly real estate blogs based on his real estate experience as a lender and property owner. He is the owner of Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
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