Mayor opposes Amendment 87 on 2026 ballot

Driving the news: Mobolade is the only mayor in the state to sign an open letter opposing Amendment 87, which would raise taxes on people earning more than $500,000.

• He argues the progressive-backed $2 billion tax hike would hurt Colorado's economy, especially for small business owners.

• Instead, he favors Proposition 136, a measure supported by conservative group Advance Colorado that would hold the state's income tax at its current 4.4% rate.

What he's saying: "It's bad for our state," Mobolade told Axios in a recent interview.

• "I have literally talked to five businesspeople who have said they're going to move their business" if it passes.

The big picture: About 450 business leaders, elected officials and investors have signed the opposition letter, led by Boulder entrepreneur Dan Caruso, former CEO of Zayo Group.

• The letter warns, "Amendment 87 would be devastating to Colorado's economy."

Reality check: Fears of a millionaire exodus might be overstated.

• Massachusetts raised taxes on its top earners in 2022, but the predicted mass departure of wealthy residents never materialized, the Colorado Sun reports.

The bottom line: The tax fight pits promises of more funding for public services against warnings about Colorado's business competitiveness.

• Mobolade has made clear which concern carries more weight for him.