In this Capitol Report:
New Report Reveals $302 Million Impact to Taxpayers Due to Laws Passed in 2021 Legislative Session
This week, the Common Sense Institute released an updated report on the growing level of taxes and fees imposed on Colorado taxpayers – both individuals and businesses. Past reports by CSI revealed the growing tax impact of the new laws and regulations that have been adopted since 2018.
This updated report is based on data on the new laws adopted during the 2021 Legislative Session and shows a net tax burden for taxpayers of $302 million for fiscal year 2023. The total net direct cost of rules and legislation passed since 2018, as well as the actions taken during the 2021 legislative session, totals over $2.1 billion for taxpayers in Colorado!
CSI highlights in its report that revenue to the State of Colorado is expected to increase by more than $2 billion above pre COVID-19 pandemic levels, and $65 billion in federal stimulus dollars has flowed throughout the state. Yet, new laws were pursued and adopted creating new tax burdens for Coloradoans despite those budgetary windfalls.
A copy of the report can be retrieved here:
https://commonsenseinstituteco.org/the-steep-price-tag-of-the-2021-legislative-session/