Affordable housing program will cut into your TABOR refunds

By Natalie Menten

Guest Commentary

The state government has taken more taxes from you than we allow it to have, and it should rebate that over-collection back to you. That money coming back to all taxpayers is now in jeopardy. We should be alarmed at the potential waste.

Colorado voters’ dissatisfaction with government growing beyond its means led to the passage of the Taxpayer’s Bill of Rights (TABOR). This constitutional amendment requires voter approval for tax increases and debt. It also limits how fast government can grow. The formula for automatic tax increases is the prior year’s budget plus adjustment for inflation and population growth.

When government collects taxes above the limit, it must refund the surplus. Later this year, each taxpayer will get a $750 TABOR rebate from the state. The economic outlook predicts rebates for the next several years.

Two statewide ballot measures in November claim they don’t raise taxes, but that’s just not true. Funding for new programs comes from our future TABOR rebates. If we don’t get all those rebates back, that’s effectively a higher tax rate and clearly a tax hike.

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Opinion: Statewide affordable housing program will cut into your TABOR refunds