Democratic nominee Phil Weiser opposes Colorado tax hike Amendment 87

Phil Weiser, the Democratic nominee for governor in Colorado and two-term attorney general, announced he will not vote for Amendment 87, a proposed tax hike targeting the wealthiest Coloradans, according to denverpost.com.

Amendment 87 seeks to replace Colorado's current flat income tax rate of 4.4% with a graduated income tax system, taxing income above $500,000 at higher rates while lowering the rate for income below that threshold. The measure is backed by progressive and liberal groups such as the Bell Policy Center.

The proposal aims to generate approximately $2 billion in its first year, with funds earmarked for K-12 education, health care, and early childhood care and education. However, Weiser expressed concerns about the lack of clarity on how the funds would be spent and the potential conflict with Proposition 136, which would cap income taxes at 4.4%.

Governor Jared Polis, also a Democrat, has actively campaigned against Amendment 87, making the tax hike a divisive issue within the Colorado Democratic Party. Weiser stated his support for a progressive income tax in principle but cannot back this specific measure on the ballot.

If Amendment 87 passes, it would represent a significant change to Colorado's tax system, but Weiser's opposition highlights the ongoing debate among Democrats over the best approach to funding state priorities.