Activists in the Centennial State have gotten more than the 100,000 signatures needed to put an initiative on the ballot next year to establish a single-payer universal health care system in the state. ...
If approved, the new system would create a state health care cooperative financed entirely by tax revenue. It would replace or at least significantly marginalize the private insurance industry in Colorado and scrap the state insurance exchange set up by the Patient Protection and Affordable Care Act.
If passed, the new system would be financed by a 10 percent payroll tax hike, which would raise an estimated $25 billion. That is more than double all of the revenue currently flowing into the state’s general fund, according to an analysis by KUSA, the Denver NBC affiliate.
The station also found the tax would amount to
- $26 out of every bi-weekly paycheck for a worker making $20,000 a year;
- $64 for one making $50,000 a year and
- $192 for one making $150,000 a year. ...