Happy Cost of Government Day, Colorado!
Happy Cost of Government Day, Colorado! Colorado is one of the first states that celebrates its Cost of Government Day (COGD) after the national average. The Centennial state shares its COGD with Indiana and Michigan. Cost of Government Day is the day the average American must work to pay off their share of spending and regulatory burdens at all levels of government – federal, state and local. Residents of the Rocky Mountain state must toil for 198 days before they can begin saving for themselves.
Nationally, Colorado is ranked 39th for state and local taxes, with the government collecting 8.6 percent of taxpayers’ income. Despite a state and local tax burden below the national average, Rocky Mountain residents have seen their taxes increase by $3.6 billion over the last decade, which amounts to $706.69 for each citizen of the state.
Importantly, the Supreme Court of Colorado rejected an “internet tax” in the state this year. The ruling saved residents and online retailers from unconstitutional taxation and three burdensome regulations. The rejection of this tax coupled with a tax cut in the FY2013 budget is a step in the right direction as Colorado moves up a spot in state rankings. Happy Cost of Government Day Colorado!