Instead of taxing reported income, which often obscures their net worth, the measure would tap 5% of their total wealth, including stocks and real estate. Lydia McCoy, CEO of the Colorado Center on Law and Policy, said the nation’s tax code has always been evolving. Image © iStock - lucky-photographer"As the way that people make wealth is changing, the way we tax wealth has to change. At the state level, Colorado could join Hawaii, Maine, Rhode Island and Washington in raising taxes on the ultrawealthy. If Initiative 195 makes the ballot, voters could scrap Colorado’s flat tax and make millionaires pay higher tax rates than people earning minimum wage.