Figure 4

Colorado’s per capita income is about 5% higher 10 years after flat tax adoption

Colorado’s per capita income relative to non-flat-tax control states
Shaded area represents 95% confidence interval

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Note: Difference in per capita personal income between Colorado and 13 graduated-tax control states, relative to 1986. Control states selected by a parallel-trends test on pre-1987 income. Specification with controls accounts for industry composition and unemployment rate. State and year fixed effects, standard errors clustered by state.