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Prop. 103′s domino effect on jobs in Colorado

Posted by Kelly Maher on October 24th, 2011
 
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The Independence Institute invited world-renowned domino toppler Robert Speca to create a visualization of potential job losses if Proposition 103 is approved in Colorado and taxes are hiked $2.9 billion over the next five years. In the video, each domino symbolizes TWO jobs that could be lost.

According to an accompanying report released by economists Barry Poulson and John Merrifield:

“The total cost of the Prop 103 tax increase is estimated between $4.8-6.0 billion, i.e. the $3.9 billion in higher taxes plus the loss in personal income [because economic growth would be slower than otherwise]. The total cost of the Prop 103 tax increase per household is between $2,169 and $2,711.”

To estimate job losses, the economists stated that, “The Legislative Staff estimates that for every one percent reduction in personal income there is a .34 percent reduction in total non-farm employment.”

Poulson and Merrifield conclude that…

“The loss in jobs from the Prop. 103 tax increase for the [five-year] period as a whole is estimated between 7,400 and 11,600. Each year that the tax increase is in effect the loss in jobs as well as personal income is greater. By the end of the simulation period, FY 2011, the annual loss in jobs is between 2,400 and 3,800.”

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  • Post by Kelly Maher on October 24th, 2011

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