Colorado voters have passed Proposition 121, a reduction in the flat state income tax rate to 4.40% from 4.55%, saving the average taxpayer around $120 annually.
Americans for Tax Reform commends the hard work and leadership of the Independence Institute and Jon Caldara for leading this successful effort on behalf of taxpayers.
Coloradans continue to chip away at their income tax rate with a long term goal of no state income tax. In 2020, voters passed Proposition 116, a reduction in the flat state income tax rate to 4.55% from 4.63%.
“For the second consecutive election, Coloradans have voted to reduce the state income tax,” said Grover Norquist, president of Americans for Tax Reform. “Colorado reminds us that flat income taxes are easier to cut and more difficult to raise. Taxpayers understand that everyone benefits when a flat rate income tax is introduced and a flat rate makes it impossible for politicians to divide taxpayers against each other and raise their taxes one at a time.”