Amendment 80 is a proposed amendment to the Colorado Constitution that would establish a 22.5% flat tax on personal income over $150,000 for single filers and $300,000 for joint filers. The revenue generated by this tax would be used to fund K-12 education, higher education, and transportation.
The amendment was placed on the ballot by a group of conservative activists who argue that it would simplify the tax code, make the state more competitive, and provide much-needed funding for education and transportation. Opponents of the amendment argue that it would be unfair to low- and middle-income families, and that it would not generate enough revenue to meet the needs of the state.
Amendment 80 is currently polling ahead of its opposition, but it is still too early to say whether it will pass. The election will be held on November 3, 2020.
Arguments in favor of Amendment 80:
- It would simplify the tax code. Colorado currently has a progressive income tax system, with seven different tax brackets. Amendment 80 would replace this system with a flat tax of 22.5%.
- It would make Colorado more competitive. Colorado’s current top marginal income tax rate is 4.63%. Amendment 80 would reduce this rate to 22.5%, making Colorado a more attractive place to live and do business.
- It would provide much-needed funding for education and transportation. The revenue generated by Amendment 80 would be used to fund K-12 education, higher education, and transportation. This would help to improve the quality of education in Colorado and make it easier for people to get around.
Arguments against Amendment 80:
- It would be unfair to low- and middle-income families. Amendment 80 would disproportionately benefit wealthy taxpayers. The flat tax would mean that a family making $150,000 would pay the same amount in taxes as a family making $1 million.
- It would not generate enough revenue to meet the needs of the state. The nonpartisan Colorado Legislative Council estimates that Amendment 80 would generate $1.4 billion in new revenue in the first year. However, this is only a fraction of the amount that is needed to address the state’s education and transportation needs.
- It would tie the hands of future legislatures. Amendment 80 would make it very difficult for future legislatures to raise taxes. This could make it difficult to respond to future budget crises.
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Please search for “amendment 80 colorado” which is rapidly rising on Google Trends US-CO and explain in detail. Answers should be in English.
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