Vote No on Amendment 69
Election season is in full swing now! As we are bombarded by political messages in the coming months it’s important that Colorado citizens educate themselves about the issues on the ballot, so they can make informed decisions when casting their vote in November. As we mentioned in previous months, RSS will be making numerous blog posts leading up to the election, so we can inform and educate our clients and community about the dangers of proposed Amendment 69 (ColoradoCare). This month we’d like to share with you the impact that the amendment could have on our state.
First of all, what is Amendment 69? Amendment 69, also known as ColoradoCare, is a measure that will appear on the 2016 General Election ballot in November. It is a single-payer healthcare initiative whereby large tax increases would fund a government-run healthcare system. Amendment 69 would limit access to care and Coloradans would be paying the highest tax rate in the country. The effects on Colorado and its citizens would be detrimental. It would amend the Colorado Constitution, eliminating private health insurance and most provisions of the Affordable Care Act.
Impact of Amendment 69
- It will cost Colorado taxpayers $25 billion in its first year of operation.
- This one program would nearly double Colorado’s state spending.
- Colorado would have the highest tax rate in the country.
- The amendment will tax employers, employees and retirees.
- A premium tax of 6.67% of total payroll income will be imposed on employers.
- A premium tax of 3.33% of total payroll income will be imposed on workers.
- Wages, salaries and tips would be subject to the premium tax.
- Taxes can be increased annually by any amount without voter approval.
- Anyone who has non-payroll income would be taxed at 10%. Non-payroll income includes business owners’ income, capital gains, pensions, annuities, and social security benefits.
- Businesses may reduce workforce or wages to help pay for the premium tax increase.
- Business owners may relocate to other states with lower taxes rather than pay the new 10% payroll tax.
- It may attract people to Colorado who do not work, but would benefit from receiving free healthcare.
- It would be governed by an elected, 21-member board of trustees not subject to oversight by the legislature, and not subject to direction or control by any State Government entity.
- Taxes and benefits can be increased by ColoradoCare each year to ensure financial stability. Providers and beneficiaries would be subject to unilateral actions by ColoradoCare.
- Colorado would be less attractive to physicians, causing many to close or move their practice.
- It could lead to limiting of healthcare based on the amount of money collected.
- It would absorb all State and Federal health-care programs, including workers’ comp and Medicaid, without any guarantee that federal funding would be replaced.
To learn more about Amendment 69 and the affects it will have on the healthcare system and other facets of our state economy in Colorado, please visit ColoradansForColoradans.com. We will continue to provide you with more information and educate you about the ramifications of this amendment to our State Constitution in the coming months.