One of the top issues on the minds of Colorado voters this election is the cost of living, with about 15% in the ongoing Voter Voices survey by media outlets across the state saying they intend to focus first on the economy as they mark their ballots.
Coloradans are concerned about the price of housing, groceries, gas, utility bills and everything else it takes to keep households running. That’s not shocking, considering that the average household has spent $34,194 more since 2020 due to inflation, according to research from the Common Sense Institute, a business-oriented think tank based in Greenwood Village.
While economists say inflation is “cooling,” Coloradans are still feeling the economic crush of the past few years. The average rent for a one-bedroom apartment is about $2,000 in Denver. The average price of a home in Colorado is now above $540,000. Food prices in Colorado and across the country rose 25% from 2019 to 2023.
If your top concern is the high price of living in Colorado, how should you vote? A large part of that answer depends on which economic policies you believe will work and how those policies match up with your other priorities. Here’s what to watch for on your ballot.
Ballot measures
The top tax measures on the November ballot are regional and local, including some so-called “de-Brucing” measures that would remove entities from the tax limits set under the Taxpayer’s Bill of Rights. TABOR was authored by former state Rep. Douglas Bruce.
They all put less money in people’s pockets, but — and this is the key question for voters — propose to do so for the greater good.
One measure, Ballot Issue 7A, would allow the Regional Transportation District to keep spending about $50 million to $60 million a year above the TABOR cap instead of refunding that amount to millions of people who made retail purchases in the eight-county RTD taxing district. If it passes, RTD could keep all of its sales tax revenue permanently.
In Jefferson and Arapahoe counties, voters are being asked to allow their county governments to keep more tax dollars than is allowed under TABOR.
Denver voters have two measures on their ballots that propose raising sales taxes and would give the city the highest tax rate in the Front Range (rising as high as 9.65%, above Boulder’s 9.05%). Denver voters must decide whether increasing access to housing and health care outweighs what is effectively a cost-of-living increase for Denver residents.
Even ballot measures that don’t seem to be about cost of living are related. Two statewide measures, Amendment 80 and Proposition 130, force voters to consider whether it’s worth potentially paying more in tax dollars for educational choice and public safety, respectively, even if neither proposes a tax increase.
The presidential race
Both presidential candidates are touting economic proposals intended to decrease the burden on taxpayers.
Former President Donald Trump is proposing to end taxes on Social Security benefits and on tips for hospitality workers. He’s also vowed to offer incentives to foreign companies that relocate manufacturing to the United States and hire American workers. And he wants to impose tariffs on other countries that trade with the United States, including a tariff as high as 200% on vehicles imported from Mexico.
Vice President Kamala Harris said she also supports ending taxes on tips for restaurant workers. She has called for expanding the child tax credit to $6,000 from $2,000 for parents, and raising the minimum wage. Colorado’s minimum wage is $14.42 per hour and will rise to $14.81 on Jan. 1, but the federal minimum wage has been $7.25 per hour since 2009.
Harris also is pitching tax breaks for small business owners and first-time homebuyers.
The congressional races
Candidates running to represent Colorado in Congress all say the economy is a top issue, but they have different ideas about how to rein in the cost of living.
Congress can affect the cost of living with policies on taxes, industry regulations that decrease jobs and social services programs that provide food and housing assistance. The Denver Post asked candidates what they would do to address the cost of living in questionnaires published in its online voter guide.
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State legislative races
Lawmakers in the next few years will have to make key decisions on how to fund K-12 education, which will receive less local funding because of property tax cuts.
They also have to deal with unexpected Medicaid costs, after the state Department of Health Care Policy and Financing overspent on the low-income health care program by as much as $154 million last budget year.
In terms of housing costs, lawmakers have power to pass wide-ranging legislation that can affect the availability of housing. Recent examples involve the state government expanding tax credits for affordable housing projects and overriding local policies.
The Post’s legislative candidate questionnaires in the online voter guide include responses about addressing affordability concerns.
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