Income Categories	Current Average Income Tax Owed	Proposed Average Income Tax Owed	Proposed Change in Average Income Tax Owed + or -
$25,000 or less	$58	$44	-$13
$25,001 - $50,000	$758	$586	-$172
$50,001 - $100,000	$1,897	$1,466	-$431
$100,001 - $200,000	$4,137	$3,196	-$940
$200,001 - $500,000	$9,248	$7,146	-$2,102
$500,001 - $1,000,000	$18,028	$13,931	-$4,097
$1,000,001 - $2,000,000	$26,419	$20,415	-$6,004
$2,000,001 - $5,000,000	$40,671	$31,428	-$9,243
Income categories reflect adjusted gross income reported to the Internal Revenue Service.

The ballot title and submission clause as designated and fixed by the Board is as follows:

Shall there be a reduction to the state income tax rate by 22.7%, thereby reducing state revenue, which will reduce funding for state expenditures that include but are not limited to health care policy and financing, education, and higher education by an estimated $3.3 billion in tax revenue, by a change to the Colorado Revised Statutes modifying existing law and creating new law to reduce the state income tax rate from 4.40% to 3.40% for taxable years commencing on or after January 1, 2027, which will result in the estimated change in income taxes owed by individuals as identified in the following table?

Initiative 156
Change in Income Taxes Owed by Income Category (Tax Year 2027)