Supporters of Amendment 87, the ballot measure that would raise income taxes on higher earners in a dramatic rewrite of Colorado’s tax code, declared victory on Thursday after two days of vote counting.
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Conservatives and business groups, as well as Democrats like Polis, warned the measure would amount to a massive tax hike that would make Colorado’s business landscape less competitive.
In a statement, Loren Furman, president and CEO of the Colorado Chamber of Commerce, one of the groups that opposed 87, said businesses are already struggling with rising costs as they try to make payroll and support their employees.
“These tax increases would force businesses to make difficult decisions about wages, hiring and future investments,” Furman said.
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