RELEASE: Polis wants smaller paychecks for Coloradans

Greenwood Village, CO – Time and again, Congressman Jared Polis has made perfectly clear that he wants to raise taxes on Coloradans.

Today’s email begins a series examining Polis’ extreme record on taxes.

As shown in the research below, the federal Tax Cuts and Jobs Act of 2017 has generated significant economic progress for Coloradans this year – but only over Polis’ objections. Polis not only voted against the Act but introduced legislation to reverse it and raise taxes on countless Coloradans.

His position against the Tax Cuts and Jobs Act of 2017 was in keeping with his position against a 2013 House budget resolution that likewise called for tax cuts.

Colorado Republican Chairman Jeff Hays issued the following statement about Polis’ opposition to the Tax Cuts and Jobs Act of 2017: “Coloradans of every income bracket, and representing every sector of the economy, have benefited from the Tax Cuts and Jobs Act of 2017. For governor, they have a choice between Jared Polis, who tried to reduce the size of their paychecks with legislation to reverse the tax cuts, and Walker Stapleton, who supported them wholeheartedly. We’re confident that Coloradans will vote their pocketbooks this November.”

 

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Polis Has Been A Consistent Vote Against Tax Reform.

 

On March 21, 2013, Polis Voted Against The Fiscal Year 2014 House Budget Resolution, Which Called For An Overhaul Of The Tax Code, Income Tax Rate Cuts And Elimination Of The Alternative Minimum Tax. “Adoption of the concurrent resolution that would provide $2.769 trillion in new budget authority in fiscal 2014, not including off-budget accounts. It would assume that the spending levels required by the sequester remain in place and that non-war discretionary spending for all future years will be at post-sequester levels. It would assume that all discretionary savings from the sequester beginning in fiscal 2014 will come from non-defense programs. It would assume $5.7 trillion in reductions over the next 10 years in both discretionary and mandatory spending. It would assume repeal of the 2010 health care overhaul and a restructuring of Medicare into a ‘premium support’ system beginning in 2024. It would call for an overhaul of the taxcode, under which the alternative minimum tax would be repealed, the six current individual income tax brackets would be consolidated into two and tax credits and deductions would be eliminated or curtailed.” (H. Con. Res. 25, Roll Call #88: Adopted 221-207, 3/21/13, Polis Voted Nay; CQ Summary, Accessed 12/5/17)

In November 2017, Polis Voted Against The Tax Cuts And Jobs Act That Would Lower Individual And Corporate Tax Rates. “Passage of the bill that would revise the federal income tax system by: lowering individual and corporate tax rates; consolidating the current seven tax income rates into four rates; eliminating the deduction for state and local income taxes; limiting certain deductions for property taxes and home mortgages; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would eliminate personal exemptions and would nearly double the standard deduction. It would raise the child tax credit through 2022, repeal the alternative minimum tax, repeal the estate tax in 2025 and reduce the gift tax rate in 2025. It would establish a new top tax rate for pass-through business income and would modify tax credits related to energy production.” (H.R. 1, Roll Call Vote #637: Passed 227-205, 11/16/17, Polis Voted Nay; CQ Summary, Accessed 12/5/17)

In December 2017, Polis Voted Against The Final Passage Of TheTax Cuts And Jobs Act. “Brady, R-Texas, motion to concur in the Senate amendment to the tax overhaul that would revise the federal income tax system by: lowering the corporate tax rate from 35 percent to 21 percent; lowering individual tax rates through 2025; limiting state and local deductions to $10,000 through 2025; decreasing the limit on deductible mortgage debt through 2025; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would repeal personal exemptions and would roughly double the standard deduction through 2025. It would raise the child tax credit to $2,000 through 2025, would repeal the alternative minimum tax for corporations and provide for broader exemptions to the tax for individuals through 2025. It would double individual exemptions to the estate tax and gift tax through 2025, and would establish a new top tax rate for ‘pass-through’ business income through 2025. It would effectively eliminate the penalty for not purchasing health insurance under the 2010 health care overhaul law in 2019. It would also open portions of the Arctic National Wildlife Refuge to oil and gas drilling.” (H.R. 1, Roll Call Vote #699: Passed 224-201, 12/20/17, Polis Voted Nay; CQ Summary, Accessed 8/28/18)

On May 23, 2018, Polis Introduced The Students Over Special Interests Act, Which “Would Repeal The New Tax Law And Redirect The Taxpayer Dollars Toward Erasing The $1.4 Trillion In Student-Loan Debt And Investing In Pell Grants.” “Rep. Jared Polis of Colorado plans to introduce the Students Over Special Interests Act on Wednesday. The legislation, according to a summary viewed by Business Insider ahead of its introduction, would repeal the new tax law and redirect the taxpayer dollars toward erasing the $1.4 trillion in student-loan debt and investing in Pell grants.” (Joe Perticone, “A Democratic Congressman Is Taking The First Shot At A Repeal Of Trump’s Tax Law,” The Business Insider, 5/23/18)

  • “It Will Be The First Piece Of Legislation Aimed At Unraveling The New Tax Law.” (Joe Perticone, “A Democratic Congressman Is Taking The First Shot At A Repeal Of Trump’s Tax Law,” The Business Insider, 5/23/18)

 

The Tax Cuts and Jobs Act of 2017 Benefited Coloradans.

 

The 2017 Tax Plan Created 126 Opportunity Zones In Economically Disadvantaged Areas Across Colorado. “The Tax Cuts and Jobs Act of 2017 created Opportunity Zones (OZ) in economically disadvantaged areas across the country. Across Colorado, there are 126 Opportunity Zones, including several in the Denver metro area.” (Andrew Rubin, “Millennial Investments Impact Colorado Communities,” Denver Business Journal, 8/7/18)

  • “The OZ [Opportunity Zone] Program Encourages Investors To Take Capital Gains From Other Investments And Roll Them (Tax-Deferred) Into New Investments In The OZs, With Additional TaxBenefits Available If The OZ Investment Is Held For 10 Years.” (Andrew Rubin, “Millennial Investments Impact Colorado Communities,” Denver Business Journal, 8/7/18)

The Bank Of Colorado Was Able To Pay “A Special Bonus Of $1,000 To Each Full-Time Associate To Share The Benefit Of The Tax Cut Passed Earlier This Month By Congress.” “Bank of Colorado (Fort Collins, Colorado) — $1,000 bonuses to all full time employees Bank of Colorado is paying a special bonus of $1,000 to each full-time associate to share the benefit of the tax cut passed earlier this month by Congress. President of Bank of Colorado, Shawn Osthoff said, ‘We feel strongly that the message should be loud and clear that this is a tax cut that will benefit all Americans.’ Bank of Colorado has 641 associates in Colorado and New Mexico.” (“Bank of Colorado to pay special bonus,” Journal-Advocate, 12/27/17)

The Tax Plan Allowed Canary LLC To Hire More Employees And Increase Capital Spending. “Today Canary LLC CEO Dan Eberhart was a guest on Fox Business Network’s Varney & Company. Eberhart told Varney the GOP tax reform bill will allow the company to hire more employees and buy more equipment.” (John Kartch, “CEO: Tax bill allows us to hire more people, buy more equipment,” Americans For Tax Reform, 12/21/17)

  • Canary LLC CEO Dan Eberhart: “So What The Tax Reform Package Is Allowing Us To Do Is Really Dial Up Our Capital Spending Even More, So We Are Going To Try To Achieve 50 Percent Revenue Growth Next Year In 2018 Over 2017.” “Eberhart said: ‘There are two components. One is ordering more capital equipment, which is what the expensing provision of the new tax reform bill allows us to do. And the second leg of that is hiring more people which we are furiously working on right now.’ And: ‘So what the tax reform package is allowing us to do is really dial up our capital spending even more, so we are going to try to achieve 50 percent revenue growth next year in 2018 over 2017.’” (John Kartch, “CEO: Tax bill allows us to hire more people, buy more equipment,” Americans For Tax Reform, 12/21/17)

Due To Tax Reform, Centennial Bolt Was Able To Facilitate “Tax Reform Bonuses, Hiring New Employees, Updating Facilitates, Increasing Paychecks, Increasing Community Giving, And Business Expansion.” “Centennial Bolt has big plans for the future—and that future begins now. Founded in 1979, the fastener company, which has grown to be a leader in the Rocky Mountain region and, between it and its sister companies, employs 50, is planning to build a new plant in the Midwest, add new product lines, increase the size of its workforce and give out more bonuses as a result of savings and increased competitiveness from the recent passage of historic tax reform legislation. Mark Cordova, president of Centennial Bolt and a longtime champion of American manufacturing as part of the National Association of Manufacturers’ Executive Committee, is hailing the recently signed legislation as a key factor in launching a new wave of growth, investment and opportunity at the company.” (Christopher Netram, “Keeping Our Promise: Denver-Based Centennial Bolt Set to Create More Jobs After Enactment of Tax Reform,” National Association Of Manufacturers, 4/24/18)

  • Tax Reform Has Allowed Centennial Bolt To “Increase The Size Of Its Workforce Between All Its Partner Companies By 30 Percent, Growing Overall From 50 Employees To 65 Employees.” “Other advances Cordova attributed to tax reform include the following: New hiring: To staff Centennial Bolt’s new facility, the company plans to increase the size of its workforce between all its partner companies by 30 percent, growing overall from 50 employees to 65 employees.” (Christopher Netram, “Keeping Our Promise: Denver-Based Centennial Bolt Set to Create More Jobs After Enactment of Tax Reform,” National Association Of Manufacturers, 4/24/18)

Chipotle Mexican Grill In Denver, Colorado Was Able To Provide “Special Cash And Stock Bonuses And Enhanced Paid Parental Leave” As Enhancements To Employee Benefits, As A Result Of Tax Reform. “In celebration of its dedicated employees,  Chipotle Mexican Grill  (NYSE: CMG) announced enhancements to benefits that will reach all of its 71,000 employees. These enhancements, which include special cash and stock bonuses and enhanced paid parental leave, are part of the company’s ongoing commitment to advancing both the professional and personal lives of its employees. Resulting from savings due to the Tax Cuts and Jobs Act, the new benefits have already begun rolling out to Chipotle employees.” (Chipotle Mexican Grill, “Chipotle Announces Bonuses, New Training Programs And Expanded Parental Leave For Employees,” Press Release, 2/7/18)

FirstBank In Longmont, Colorado Was Able To Give $1,000 Bonuses To Full-Time Employees, Raise Base Wages, And Increase Salaries Due To Tax Reform. “FirstBank (Longmont, Colorado) — $1,000 bonuses for full-time employees; $500 bonuses for part-time employees; base wage raised; salary increases.” (“List of Tax Reform Good News,” Americans For Tax Reform, 7/19/18)

First Southwest Bank In Alamosa Colorado Was Able To Raise Base Wages To $14 An Hour, Which Will Include Full Benefits, As A Result Of Tax Reform. “First Southwest Bank (Alamosa, Colorado) – base wage raised to $14 per hour which will include full benefits: While some long-standing businesses leave our rural Colorado towns, for more urban options, First Southwest Bank stands committed to growing and investing in the people of our Western communities. As part of this commitment, starting team members at First Southwest Bank are immediately benefitting from the recenttax law changes, as the bank raises its starting wage to $14 an hour plus full benefits.” (“List of Tax Reform Good News,” Americans For Tax Reform, 7/19/18)

National Bank Holdings Corporation Was Able To Provide “$1,000 Bonuses For Employees Making Less Than $50,000” Due To TaxReform. “National Bank Holdings Corporation (Greenwood Village, Colorado) – $1,000 bonuses for employees making less than $50,000 (exact number receiving bonus unknown at this time) ‘This move is in part a response to the recently enacted tax legislation, which is anticipated to have a positive impact on the U.S. economy.’” (“List of Tax Reform Good News,” Americans For Tax Reform, 7/19/18)