Jan 02

Income tax rates decreasing in Colorado in 2020 as TABOR Refunds kick in


DENVER — It’s official. Coloradans will be giving less to Colorado state government in 2020.

Governor Polis made the announcement official in an oped this morning with The Colorado Sun. 

Income tax rates will be decreasing from a flat 4.63% to 4.5%.

The decrease was mandated by the Colorado State Constitution and the Taxpayer Bills of Rights (TABOR) which limits how much government can grow each year.

Passed in 1992, this is the first year TABOR has triggered cuts. As opposed to sending checks to taxpayers, income tax rates will be cut instead.

To read the rest of this story, please click (HERE):

Dec 31

TABOR 2019 State of Colorado Taxation Division Website

TABOR 2019

Decorative Image

History of TABOR

The TABOR Amendment was approved by voters in 1992. This amendment to the Constitution of the State of Colorado limits the amount of revenue the state can retain. The TABOR limit is equal to the lesser of the prior fiscal year’s revenue limit plus the rate of inflation and population growth in Colorado or the current fiscal year’s revenue. Also, the TABOR Amendment requires voter approval for certain tax increases. For more information about TABOR, visit the Legislative Council TABOR web page.

TABOR Refund

Hide2019 TABOR Refund Amount
The 2019 TABOR refund will be different from 2015, when there was a sales tax refund. This year, the TABOR income tax rate reduction will result in either a larger refund, if the taxpayer over withheld in 2019, or a smaller bill, if the taxpayer did not withhold enough/make enough estimated tax payments. The refund amount will be different for each taxpayer, based on their unique income tax situation.
Dec 31

For the first time, TABOR triggers an income tax rate cut. Here’s how much you can save on 2019 taxes.

Colorado will temporarily lower the income tax rate to 4.5% — a move Gov. Jared Polis is celebrating despite concerns from his party

Dec 27

Any TABOR measure needs to say what it is

Any TABOR measure needs to say what it is

By THE DAILY SENTINEL

If we asked readers to give us their honest feedback about Article X, Section 20 of the Colorado Constitution, we doubt we’d get any. Who, besides lawmakers or legislative staff, could even hazard a guess as to what issue that part of the Constitution addresses?

But if we asked readers to give us their honest feedback about the Taxpayer’s Bill of Rights, that’s a different story. Even if you didn’t have a firm position on whether it affects the state’s ability to deliver government services, you’d at least be familiar with the general subject matter.

To read the rest of this story, please click (HERE):

Dec 26

Group restarts tax fight, files 35 ideas for Colorado ballot

Ballot proposals would move the state back toward a graduated tax
Lawmakers meet in the Colorado House of Representatives on May 1.

Dec 26

Slower economic growth, higher TABOR refunds projected in government forecasts

FILE - Colorado State Capitol
Clouds build over the state Capitol in downtown Denver.

Two forecasts for Colorado’s economy cite continued growth in the state, but noted a tight labor market would cause that growth to be muted in the coming years.

The state legislature’s Joint Budget Committee has received forecasts from the Legislative Council Staff and the Office of State Planning and Budget.

The forecasts estimate that taxpayers will see refunds granted by the Taxpayer’s Bill of Rights (TABOR), as the state collects revenue above the state spending cap.

In a statement, House Democrats said the spending caps “limit the state’s ability to invest in critical priorities, such as education and transportation.”

The Legislative Council staff forecast said the state can expect to see economic activity expand as job growth and rising wages continue.

To read the rest of this story, please click (HERE):

Dec 23

The tax fight continues in Colorado as liberal group files 35 more ideas for the 2020 ballot

Voters cast their ballots at downtown Denver’s Bannock Street polling location on Election Day, Nov. 5, 2019. (Jesse Paul, The Colorado Sun)

The proposed ballot initiatives would move the state back toward a graduated, or progressive, tax system that would mean higher taxes for the wealthy

Happy New Year From Your Colorado TABOR Foundation!

Featured

By a vote of 55% to 45%, you helped defeat Prop CC to remove TABOR spending limits, but they’re at it again.

Anti-TABOR activists are already testing ballot language for a 2020 initiative to unwind your Taxpayer’s Bill of Rights. With a high Democratic voter turnout, they see next year’s election as their chance to amend the State Constitution to give government taxing authority without a vote of the people.

The TABOR Foundation educates voters on how the Taxpayer’s Bill of Rights protects their livelihood and why it matters to their family’s future.

We give seminars, media interviews, social media updates, and we’re a primary contact for citizens asking for help when their local jurisdictions violate TABOR mandates.  Importantly, we engage in legal action to protect TABOR.

Defending freedom costs time – and money. We need more help. What can you do to help us?

Please send your donation of $50, $100, $150 or more. Checks payable to TABOR Foundation, a 501c3 not-for-profit organization, may be tax deductible as allowed by law.

And, we welcome your service with our Board of Directors, Speakers Bureau, or in some other capacity.  Please call me to talk about being more involved.  Thanks!

 

Sincerely,

Penn R. Pfiffner
Chairman
303-233-7731

TABOR Foundation
720 Kipling St.
Lakewood, CO 80215
www.thetaborfoundation.org 

Dec 12

In Two Blue States, Voters Back Democrats, But Show a Wariness Toward Taxes

A lawn sign urges voters to oppose Proposition CC, which would have relaxed a Colorado law that restricts the state's taxing power. Voters rejected the measure in November.

A lawn sign urges voters to oppose Proposition CC, which would have relaxed a Colorado law that restricts the state’s taxing power. Voters rejected the measure in November. AP PHOTO/DAVID ZALUBOWSKI

In Colorado and Washington, residents this fall voted to either constrain state tax revenues or cut fees, even as Democratic lawmakers argue the money is needed to support education and transportation programs.

Colorado voters during the past two elections have made clear that while they’re willing to back Democratic candidates, they’re reluctant to give them greater taxing power to help carry out their agendas.

That’s even as progressives argue that funding is falling short in areas like education and transportation. Last month, Coloradans kept up the pattern, rejecting a ballot measure that would have relaxed limits on the amount of tax collections that the state government can keep.

Further west, residents in another left-leaning state, Washington, also voted in November to crimp government revenues. Voters approved a ballot initiative to cap the cost of vehicle registration fees, or “car tabs,” which help pay for transit and other transportation programs.

“I think you could say it’s an anti-tax vote, clearly,” said Rep. Jake Fey, a Tacoma-area Democrat who chairs the Washington state House Transportation Committee.

In both places, the election results show how there can be limits to the appetite people have for paying more money for public services and infrastructure—even when a majority of a state’s voters are willing to support Democrats who tend to embrace more progressive platforms, which often involve bigger government.

The measures also highlight the complications and uncertainty that can arise when making tax policy at the ballot box, as well as some unique facets of each state’s tax structure.

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