Amendment 69 - Unhealthy for Colorado Business
When Coloradans go to the polls this November, they’ll face a decision on an issue that could have a greater effect on their everyday lives than anything else on the ballot. No, not talking about the presidential election, but Amendment 69, or ColoradoCare, a $25-billion-dollar decision that would burden every business and employee in the state.
The issue is Amendment 69, or ColoradoCare. Amendment 69 is a government-run, single-payer health care system fueled by $25 billion in new taxes the first year alone. To put this massive amount into perspective, consider that the state’s entire spending is $27 billion, so this one program would essentially double the Colorado budget. Here’s how Amendment 69 could affect you personally.
New income taxes for everyone (and an unfair burden on many businesses)
While there are many unanswered questions about how this immense new program would work, the proposed legislation is clear on who’ll pay for it:
- Employers would pay a new 6.67 percent payroll tax.
- Workers would pay another 3.33 percent payroll tax.
- Many businesses would pay both sides of the tax, for a total of 10 percent.
This double whammy would apply to more than 235,000 Colorado companies structured as “pass-through” entities – sole proprietors, partnerships, S - corporations, LLCs, LLPs, many trusts, and more.
On top of that, there’s a 10% tax on non-payroll sources of income, such as business interests, rentals, capital gains, even taxable retirement benefits like Social Security and pensions.
10 percent tax, but no benefits for non-resident earners
Residents of other states who do business in and have taxable Colorado-source income would be subject to the new 10 percent health care tax, but don’t meet the definition of “beneficiary” under Amendment 69.
The $25 billion-per-year price tag tops the list of reasons to vote NO on Amendment 69; not to mention the new tax burden you and your company will take on, the attack on the overall economy and your loss of choice on which healthcare you can choose for your family. Find out more from the bipartisan group Coloradans for Coloradans or check out this infographic for quick facts.
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