Colorado’s Booming Economy and #YesonAmendment73

Colorado has one of the highest ranked economies in Colorado.  But don’t take our word for it.  If you follow www.bizjournals.com you will see any number of articles and posts about Colorado’s booming economy.  Here are just a few headlines and corresponding articles to support that:

“Colorado’s economy is outperforming much of the country, and the growth is expected to continue into 2019, according to a new economic report,

In a third-quarter report published by the business research division at the University of Colorado and released this week by Colorado Secretary of State Wayne Williams, wages, job creation and new business filings all showed steady growth, setting the stage for further prosperity.”

https://www.gjsentinel.com/news/business/local-state-economic-growth-expected-to-continue-in/article_46c22bfa-d291-11e8-b91c-10604b9f7e7c.html?fbclid=IwAR0brhTdkS-PceURLoC1aj5V1yC-0qajf_tpw-EkSbVsv4PORNlbKOmR_AU

“Colorado is pacing ahead of the rest of the country for wage growth and GDP growth and is seeing significant increases in the number of new business filings and the number of business renewals, according to a report Monday released by the Colorado Secretary of State’s office.

https://www.bizjournals.com/denver/news/2018/10/15/colorados-wage-growth-national-average.html

Denver is 18th in new rankings of economic powerhouses

https://www.bizjournals.com/denver/news/2018/09/19/denver-gross-metropolitan-product-ranking.html

“Colorado ranks fifth among states for aerospace manufacturers, its highest ranking in the five years that accounting giant PricewaterhouseCoopers has conducted the study”

https://gazette.com/business/colorado-ranked-fifth-for-aerospace-manufacturers-in-new-study/article_e50ad3e6-b5fb-11e8-9fa3-a75c0df29a5a.html

“Growth has really taken off in Colorado Springs in the last few years. A lot of what we were seeing earlier across the state is now happening in Colorado Springs, including lower unemployment, faster job growth and people returning to the job market. We have come a very long way in a short period,” said Tatiana Bailey, director of the Economic Forum at the University of Colorado at Colorado Springs.”

https://gazette.com/business/colorado-springs-economic-growth-hits–year-high-in/article_e3604fd8-bb8e-11e8-8313-cbd826c3f424.html

“The Denver and Boulder metros saw increases in venture capital funding compared to the third quarter last year.

https://www.bizjournals.com/denver/news/2018/10/09/colorado-q3-2018-vc-investments.html

“United Airlines this week unveiled what the Chicago-based carrier is touting as the world’s largest flight training center for pilots.

The new facility is situated outside Denver, near where United has a hub at Denver International Airport.”

https://www.bizjournals.com/chicago/news/2018/10/10/united-airlines-lifts-curtain-on-flight-training.html

“…several big tech companies, like Xero and Gusto, have either relocated headquarters or expanded into Denver. San Francisco-based cloud messaging app Slack, which is rumored to go public in early 2019, has plans to employ up to 550 people in Denver. And software giant Adobe could bring a presence here following its $4.75 billion acquisition of Denver-based Marketo.”

https://www.bizjournals.com/denver/news/2018/10/02/denver-startups-forbes-list.html

You don’t have to be a rocket scientist to see that Colorado is in an economic boon. A state with this kind of business growth should be able to do better at funding public education.  We would argue, that in order to continue this economic boon, Colorado must do better at funding public education. Currently public education funding is $670 million less than it was before the recession in our state.  That’s right, Colorado’s per pupil funding is $2,800 below the national average – we trail Mississippi and Alabama.

With Amendment 73, our corporations’ current income tax rate of 4.63% (the same flat rate individual filers are paying) would be increased to 6%.   Of the 44 states in the country that have a corporate income tax, Colorado is currently 3rd lowest.  The additional 1.37% moves us to 9th lowest.

Additionally, many businesses will see a 17% savings in property taxes.  Amendment 73 asks voters to drop the current 29% non-residential property assessment rate to 24% for school funding only.  Businesses, ranchers, and farmers will all see a savings, as a result.

Amendment 73 merely asks that those who benefit most from Colorado’s economic boon pay their fair share in taxes.  No one pays any less, but those top 8% earners and corporations are asked to pay a little more so Colorado’s kids can have a quality education, regardless of what their zip code is.