Governor-elect Jared Polis says he’s working on a plan to cut income taxes.
How many of you just gasped and grabbed your wallet? Go ahead, release your grip and raise your hands.
We feel your fear.
It’s not just that Democrats don’t have a good any record when it comes to actually cutting taxes. Well, yes, it’s mostly that which has us worried.
Polis told KRDO about his plan to lower state income taxes by three to five percent, but the math just doesn’t add up.
Currently, Coloradans pay a flat rate 4.63 percent of their federal taxable income. Polis said he wants to lower that rate 3 to 5 percent, which would be about 4.49 percent.
That looks to us like a tax increase, but let’s play along.
Just how does he plan to make up for the funding loss?
By raising other taxes, of course.
Polis wants to eliminate so-called “tax giveaways,” which is a bizarre phrase that means “we don’t take away your money for taxes, so in essence we are giving away the money you earned and never gave to us in the first place. Now, give us your money.”
But who doesn’t love the idea of an income tax break?!
And that’s what Polis is counting on, widespread support for his plan to put money in one pocket, while taking it out of our other pocket.
Hold onto your wallets, and the loose money in your other pocket, because Polis is coming for it.