Colorado Amendment 51 (2008) - Estimate of Fiscal Impact - Impact On Taxpayers

Impact On Taxpayers

Both individuals and businesses pay sales and use taxes. Businesses pay about 40 percent of the state's sales taxes; Colorado residents pay about half; and the remaining 10 percent is paid by visitors to the state. The additional amount of taxes paid by each Colorado household will depend on a household's income and number of people. A three-person household with around $55,000 in annual income is estimated to pay an additional $20 in state sales taxes in the first year of the tax increase and an additional $40 in the second year when the tax increase is fully in place.

Read more about this topic:  Colorado Amendment 51 (2008), Estimate of Fiscal Impact

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