Pay Less Taxes, Lose More Money
It’s discouraging enough to learn that Coloradans are subsidizing the rest of the country with their tax dollars. Now we come to find that we’re subsidizing the nation’s wealthy, too.
The report comes from Citizens for Tax Justice, which about two weeks back released a study about the effect of the federal tax cuts enacted between 2001 and 2006. CTJ’s analysis shows that, for all but the top 1 percent of Colorado’s income earners, the money saved under the cuts has been dwarfed by the increased debt burden those tax cuts impose.
While the average Coloradan has saved about $2,200 in taxes since 2001, he or she has also incurred about $9,900 in additional debt