Income inequality and the state’s fiscal health

How many Coloradans know what the state’s income tax rate is?  Whether you make $22,000 a year or $122,000, all income earners pay the same rate, 4.63 percent.

Colorado is one of only eight states that levies a flat rate, which has been cut twice since the state did away with a graduated tax rate. It’s also among the top five states most dependent on income taxes for revenue, which makes it particularly susceptible to the vagaries of income inequality.

Income inequality, to put it bluntly, is the phenomenon of the rich getting richer, usually at the expense of everybody else. But it’s not just a social issue. It has serious ramifications on state budgets across the country, as outlined in an Associated Press story on Monday’s front page.

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