CREDIT WHERE IT’S DUE: Gov. Polis helps axe bills rolling back business tax breaks.
To those who remember Polis’ 2018 campaign for Governor, eliminating tax loopholes and using the increased revenue to “buy down” the income tax rate was a popular campaign promise.
Colorado’s free-market think tank, Independence Institute, was initially optimistic about such a tax policy because it would increase the tax base while lowering individual Coloradans’ tax burden.
The think tank published multiple reports analyzing Governor Polis’ words versus actions on taxes.
Unfortunately, time has not been kind to Governor Polis’ tax policy promises.
Instead of lowering and eliminating tax breaks, they exploded under Governor Polis’ watch.
That said, Polis’ stated desire to lower the income tax while reducing special-interest loopholes was and remains a commendable idea; it would be better to eliminate both if possible.
However, not all tax breaks are created equal, and targeting those that help keep Colorado somewhat economically competitive is probably worse than targeting those that benefit people who generate the least economic activity (and thus the least revenue for the state).
Apparently, Governor Polis understands that tax breaks for things he likes become unaffordable if the economy isn’t doing well.
As Glenn likes to say on occasion, even a flatworm is smart enough to turn away from pain.
