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DENVER – In the final week before Election Day, the Colorado Chamber of Commerce is urging voters to reject Amendment 87, warning that the proposed graduated income tax would threaten Colorado’s business competitiveness, discourage investment and impose significant tax increases on employers across the state.
“With one week until Election Day, voters should understand that Amendment 87’s impact extends well beyond personal income taxes,” said Loren Furman, president and CEO of the Colorado Chamber of Commerce. “These higher rates would also apply to corporate income, imposing steep tax increases on small, midsize and large employers in all industry sectors across the state and putting jobs and investment at risk. Colorado’s competitiveness is already eroding under a complex regulatory climate and rising costs, and this measure would give employers yet another reason to leave Colorado or take their next expansion elsewhere. We urge voters to vote no on Amendment 87 and keep businesses, jobs and opportunity in our state.”
The Chamber announced its opposition to Amendment 87 last month and has recently filed an amicus brief in the lawsuit challenging its petition process.
Amendment 87 would increase taxes by $2.7 billion, replacing Colorado’s current 4.4% flat income tax with a graduated structure of rates up to 8.4% for individuals and corporations. This would put Colorado’s top individual income tax rate among the highest in the nation. Colorado has already fallen from 17th to 33rd in overall tax competitiveness since 2020. The state also fell 10 places in corporate tax competitiveness in just one year, dropping from 10th to 20th between the 2025 and 2026 rankings.
The proposed tax increases arrive as Colorado faces growing challenges in attracting and retaining employers. The Colorado Chamber Foundation’s Relocations Tracker identified 98 company relocations or lost business opportunities to other states since 2019, representing 13,607 known jobs.
Colorado has also fallen in CNBC’s annual America’s Top States for Business rankings, dropping from No. 11 to No. 25 in 2026. Colorado ranked No. 4 for business just four years ago.
View Furman’s prior op-ed opposing Amendment 87 here.
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The Colorado Chamber of Commerce champions free enterprise, a healthy business environment and economic prosperity for all Coloradans. It is the only business association that works to improve the business climate for all sizes of business from a statewide, multi-industry perspective. What the Colorado Chamber accomplishes is good for all businesses, and that’s good for the state’s economy. It was created in 1965 based on the merger with the Colorado Manufacturers’ Association.