Colorado Considers Tax Increase on Wealthy, Massachusetts Precedent

• Colorado is considering Amendment 87 to increase income tax on earnings over $1 million.
• Massachusetts raised its income tax on earnings over $1 million to 9% in 2022.
• The wealthy in Massachusetts largely remained in the state post-tax increase.
• Amendment 87, if passed, aims to reduce income tax rates for most Coloradans.
• The outcome of Amendment 87 will be decided by voters in November.