Amendment 66 math
First of all, I feel the need to disclose that I am an S-Corp. small businessman who’s entire income is subject to federal and state taxes as well as Medicare and Social Security as both an employee and employer. The average S-Corp. small business makes about $250,000 per year and is subject to all of the above noted taxes.
Amendment 66 has a proposed two-tiered income tax. Income up to $75,000 per will be taxed at 5.0% which is an 8% increase over the current 4.63% rate. This calculates to an additional $277.50 on people or small businessmen making up to $75,000 per year. Income over $75,000 per year is proposed to be taxed at 5.9% and represents a 26.6% increase. So, for people or small businessmen making $250,000 per year, their tax hit from Amendment 66 will be a little over $9,000 per year more. This is money a small businessman could use to hire more people or give productive employees bonuses. The math of Amendment 66 is a clear example of another attempt to the establishment of more class warfare — which none of us should support.
The proponents of Amendment 66, and other like legislation, will always say it is for the children. You can bet that nearly 66% ($6,270,000) of the $950 million proposed to be raised by Amendment 66 will not go to the children. Over $6 million will go to the Colorado Education Association (CEA) and teacher unions. In addition to this, if Amendment 66 passes, you can look for the CEA and teacher unions to sue to eliminate Senate Bill 191 because it establishes new standards for teachers and principals and restricts teacher tenure.
When confused and/or in doubt, always follow the money. It will tell you the real story. Therefore, we urge you to vote against Amendment 66.