Democrats Slam Door on Tax Cuts, Tighten Squeeze on Coloradans’ Wallets

DENVER – The Democrats have once again demonstrated their indifference to the financial challenges Coloradans are facing by killing two tax-cutting bills in committee today.
Had they passed,
Senate Bills 138
and
136
would have given Colorado taxpayers hundreds of millions of dollars in tax relief by cutting Colorado’s income tax rate and exempting social security and retirement benefits from taxation.
Senate Bill
138
, championed by Senator
John Carson
, would have lowered Colorado's income tax rate to 4.25%.
“When we lower taxes, the economic prosperity of families grow, our state economy thrives, and our communities are strengthened,” Senator Carson said. “This very simple bill would have given Coloradans the relief they desperately need, now more than ever. I am disappointed that my Democrat colleagues are choosing to prioritize the costly funding of their political pet projects over strengthening the economic well-being of Colorado’s families.”
Senator
Byron Pelton’s
Senate Bill
136
would have exempted seniors’ social security and state retirement benefits from taxation had the Democrats supported it.
“It is imperative that we provide economic relief to our state’s most vulnerable amid this cost-of-living crisis created by the Democrats,” Senator Byron Pelton said. “This legislature must do everything it can to keep more money in the pockets of our state’s seniors, not take even more from them. That is exactly what this bill would have done. By exempting social security and retirement benefits from state income taxes, our state’s seniors will have more of their hard-earned money in their pockets to help them cover essentials, enjoy retirement, and live with greater financial security.”
The Colorado Senate Republicans have long been champions of providing tax relief for Colorado families.
Last year, the Senate Republicans spearheaded two bills that provided over $2 billion in tax relief for Colorado’s families and businesses.