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On November 3, alongside the midterm elections, Colorado voters will decide on Amendment 87, a proposal to replace the state’s current 4.4% flat income tax with a progressive tax structure.
Under the proposal, tax rates would decrease for most taxpayers while rising significantly for higher-income earners:
• Income starting at $500,000 — 7.4%
• Income starting at $750,000 — 7.9%
• Income over $1 million — 8.4%
Importantly, these are marginal tax rates. That means the higher rate would apply only to income within the applicable bracket, not to a taxpayer’s entire income.
If voters approve Amendment 87, the new tax structure will take effect in 2027.