Colorado voters just handed Broncos players a tax bill that could get a lot heavier starting Jan. 1.
Amendment 87, approved in Tuesday’s election, will scrap Colorado’s flat 4.4% state income tax and replace it with a graduated system that tops out at 8.4%. For a roster loaded with high earners, that change could mean six-figure increases in annual state taxes.
According to Mike Klis of 9NEWS, 52 of the Broncos’ 53 active players make more than $1 million this season. That means the new structure is set to hit almost the entire team, with the biggest earners feeling it the most.
Klis estimated that linebacker Alex Singleton would pay about $258,325 more in annual state income taxes under the new system. A player making $10 million a year could owe an additional $358,325, though actual tax bills will depend on taxable income and individual circumstances.
The amendment raises marginal rates on income above $500,000 while lowering taxes for lower-income earners. The added revenue is intended to go toward education, health care and early childhood programs.
Singleton voted against the measure, but he still acknowledged why some Coloradans supported it.
"I’d pay 100 percent of my salary if everything got taken care of," Singleton told Klis.
Singleton, whose sister has Down syndrome, said his family has seen the value of government-funded assistance programs.
Mike McGlinchey, who earns $17.5 million annually, took a similar view.
"I understand how we need to do our part," McGlinchey said.
Jarrett Stidham, the backup quarterback, said he has already lived through a high-tax setup during his time in New England.
Defensive tackle Zach Allen made clear the tax change won’t alter how he feels about being in Denver.
"I’m very happy to be a Bronco and that’s all that matters," Allen said.
For the Broncos, the on-field success keeps rolling. Off the field, though, a new tax reality is now waiting for nearly everyone in the locker room.
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