Letter: ColoradoCare calculations
Before you decide to vote for or against ColoradoCare know how it will affect you.
First, read “ColoradoCare: A Pro/Con Analysis” — http://www.cms.org/coloradocare/coloradocare-analysis/.
Second, obtain and read the 10-page proposal: http://tinyurl.com/ColoCareText.
While it is all lawyer talk, it is fairly easy to read and understand, so read it all. The following is what I found to be very telling:
Section 2. Definitions. For the purpose of this article:
“Nonpayroll income” means total income from all sources specified on lines 8 through 10, 12 through 18, and 20 through 21 of the Internal Revenue Service Form 1040 for the tax year 2014 or the corresponding lines of any successor form. “Nonpayroll income” does not include any pension or annuity income which is not subject to Colorado income taxes pursuant to section 39-22-104(f)(4), Colorado Revised Statutes, or any successor statute.
“Payroll income” means wages, tips, salaries, and all other income that must be reported on Internal Revenue Service Form W-2.
This amendment will tax you at 10 percent of all income except alimony received and unemployment compensation.
Now get page 1 of your 2015 IRS Form 1040 and figure out what ColoradoCare would have cost you in 2015 and compare that with your medical costs for the same period.
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