Tax Reform 101: What Coloradans Need To Know

Date: March 01, 2017

NFIB infographic shows where it must start if it's to succeed. State initiative opens second front.

That battle for tax reform is being fought on two fronts, in Washington D.C. and in Denver.

NFIB members across the nation, especially here in Colorado, need to arm themselves with the very best information to join the fight.

This is a campaign, and persuasion is the weapon. The most common public affairs and political activities in which small employers engage, according to the NFIB Research Foundation, include initiating discussions with employees regarding the impact of a policy issue on the firm.

Remember, though, it’s not just your employees who take to heart what you have to say, it’s also the entire community around you. According to a Gallup Poll a few years back, “Americans are more than three times as likely to express confidence in small business as they are in big business. Other than the military, small business is the only major institution in 2015 that is polling above its historic average.”

Time to march.

Federal Income Tax

NFIB has produced an infographic that highlights, on one page, the essential information on tax reform that every citizen, every politician, every policymaker should fundamentally know. See it here. Print it out. Pass it around.

The most vitally important point it makes is: “Approximately 75% of small employers are structured as pass-through entities, meaning their owners are taxed at the individual tax rate, not the corporate tax rate.” As well as you know it, the clear majority of your fellow Coloradans don’t. Time to start educating them.

State Sales Tax

Colorado has more than 700 taxing districts!

NFIB members know first-hand what a compliance nightmare this state is when calculating the sales tax. Small-business owners should acquaint themselves with the information to be found on the Simplify Colorado Sales Tax coalition website.

NFIB/Colorado State Director Tony Gagliardi is president of the coalition’s executive committee, which is working toward building a uniform sales tax for the state.

Also happening is a bill in the Colorado Legislature that would begin the long, arduous process of reforming the state’s sales tax. It begins by establishing a special sales and use tax simplification task force made up of lawmakers and tax experts.

NFIB encourages its Colorado members to read House Bill 1216 and urge their state senator’s and state representative’s support for it.

 

Related Content: Small Business News | Colorado | Taxes

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Click the above infographic on tax reform; print it out; pass it around.

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