Heidi Ganahl wants to eliminate Colorado’s income tax, which accounts for about a third of the state’s budget – By Jesse Paul (Colorado Sun) / July 25, 2022
Income tax revenue is the largest source of funding for Colorado’s general fund. It’s expected to account for more than $11 billion this fiscal year.
Heidi Ganahl, the Republican gubernatorial nominee, is campaigning on a bold promise to eliminate Colorado’s 4.55% individual income tax, the largest source of revenue for the state’s general fund, during her first four-year term.
“I will take us to zero income tax,” she told Republican voters during a candidate forum in April.
But Ganahl, a University of Colorado regent and the only remaining Republican in statewide elected office, hasn’t explained how she plans to eliminate Colorado’s income tax without dramatically affecting the state’s budget, nearly one-third of which is made up of income tax dollars.
Ganahl would either have to slash programs and services to make up for the lost revenue — likely including education funding — or find billions of dollars elsewhere by trying to hike other taxes or enacting new fees.
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