Maybe not, because it’s TABOR time. When Colorado tax revenues increase too rapidly, the Taxpayer’s Bill of Rights and its arcane provisions authored by Douglas Bruce kick in, forcing the state to refund “surplus” tax revenues or ask voters for permission to retain them.
The state constitutional amendment may have seemed simple, transparent and commonsensical to the voters who approved it in 1992, but it isn’t. Sold as a measure that took away the power to raise taxes from spendthrift elected officials, the measure was far more complex.
Bruce wrote every word of the lengthy amendment, explicitly designed to shrink, hobble and defund Colorado governments at every level.
TABOR limits government revenue increases to an annual figure determined by population growth plus inflation. That may sound reasonable, but Bruce’s simplistic formula doesn’t work. It has forced the state to make continual service cuts and defer infrastructure maintenance and construction, because the world Bruce envisioned bears little resemblance to the world we live in.
In the real world, tax revenues may vary sharply during any multi-year period. If revenues are flat for years before rebounding sharply, too bad! The revenue cap starts from zero every fiscal year. The 2005 passage of Referendum C mitigated TABOR’s effects for a few years, and the recession made it irrelevant for a few more. But now it’s back with a vengeance.