From the Center Square:
More than 54% of Colorado’s tax revenue came from personal income taxes in fiscal year 2021, according to a recent study from Pew Charitable Trusts.
That’s a more than 4% increase when compared to the previous year, the report said. The rest of the state’s revenue comes from general sales taxes (19.5%), selective sales (15.5%), and corporate income taxes (6.8%).
Colorado’s percentage of total tax revenue coming from personal income taxes is also the fourth-highest in the country behind Oregon (63.2%), California (59%), and New York (58.8%).
Nationally, personal income taxes make up an increasing share of states’ revenue streams, accounting for 39.9% of taxes collected in 2021 compared to 36.5% in 2020.
“Taxes make up about half of state government revenue, with two-thirds of states’ total tax dollars coming from levies on personal income and general sales of goods and services,” the study said.
Read the full article here.