This bill would require business owners to give back a portion or all of their qualified deduction resulting from the federal Qualified Business Income Deduction passed in the 2017 Tax Cuts and Jobs Act. The General Assembly must cut spending rather than balance their mistakes on the backs of small business owners in Colorado. $45.9 million (increasing to $91.5 million next year) of new revenue is a tax increase, requiring a vote by the people as per TABOR (Colorado’s Taxpayers Bill of Rights). i.e. It is a violation of TABOR. Taxpayers in this income category are the most productive members of society and generally the most mobile. Extending this unequal, unfair tax treatment into the future will reduce the state’s productivity and drive some of these citizens to other states which treat their citizens equally under the law.
