Category Archives: Fiscal Policy

Aug 14

Why TABOR Matters on August 14

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Supporters of Prop CC say that voters will still have the right to choose HOW their tax money is spent – but only if new issues are put on the ballot asking for a tax increase. Passing Prop CC would make the need to request tax money irrelevant, because the state budget would automatically grow each year.
 
#TABOR
#VoteNoOnPropCC
#ThankGodForTABOR
#WhyTABORMatters
Aug 12

Ex-Basalt mayor touts new ‘social capital’ group

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Ex-Basalt mayor touts new ‘social capital’ group

  • John Fayhee, Special to the Aspen Daily News

Tim Belinski, developer of Willits Town Center, supports Rick Stevens’ idea of starting a social capital group in Basalt.

Madeleine Osberger/Aspen Daily News

A potentially positive proposal to salve some of the wounds caused by the contentious and increasingly expensive TABOR controversy in Basalt may end up butting heads with the same town government that had been inadvertently collecting property tax revenues for 10 years in violation of the state’s constitution.

All told, town officials estimate that about $2 million had been collected illegally, according to the fine print of TABOR — the so-called Taxpayer Bill of Rights — which was added to the state constitution by citizens’ referendum in 1992.

TABOR restricts revenues for all levels of government — state, local, special districts and schools. Under TABOR, state and local governments cannot raise tax rates without voter approval.

Two years after TABOR was enacted, Basalt voters approved a property tax rate of 6.151 mills. Soon thereafter, given the increase of real estate values in town, that rate was lowered, finally bottoming out at 2.56 mills in 2010. As real estate values struggled to recover from the Great Recession, Basalt was forced to gradually raise the mill levy to meet its basic operating costs.

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

Aug 12

As Colorado’s governor, lawmakers target tax breaks, a program that covers 75% of the state’s land could be in the crosshairs

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Colorado has awarded $7.6 million in Enterprise Zone tax credits to Comanche Solar PV in Pueblo County. The 156-megawatt Comanche solar array, shown here on Jan 20, 2019, is the largest solar project in the state of Colorado. (Mike Sweeney, Special to The Colorado Sun)

As Colorado’s governor, lawmakers target tax breaks, a program that covers 75% of the state’s land could be in the crosshairs

A Colorado Sun analysis of $223 million in tax credits awarded from 2013 to 2018 found that the state is often doling out taxpayer dollars without much evidence that each tax credit is producing economic activity that wouldn’t have occurred otherwise

Brian Eason

Special to The Colorado Sun

In the grand scheme of public subsidies for professional sports teams, the $19,306.19 the state gave the Colorado Rockies in 2013 probably isn’t enough to get worked up about.

Neither is the $948.57 credit claimed in 2014 by a Walgreens for $31,000 invested in a Pueblo pharmacy. Or the $529 McDonald’s received in 2016 through its restaurant in Greeley.

But when upwards of 75% of the state’s land is classified as an economic development zone, a hundred dollars here, a thousand dollars there adds up. And while the vast majority of the 16,000-plus tax credits claimed through the program in the last few years were worth less than $10,000, at least 42 companies have been awarded more than $1 million each in public subsidies through the program since July 2013.

As Gov. Jared Polis and the Colorado General Assembly conduct the state’s first broad review of tax breaks in recent memory, there’s perhaps no program that better illustrates the heated debate over tax incentives than the Enterprise Zone program. The sprawling economic development initiative was designed to spur investment in the state’s most needy areas but has expanded to the point that even some supporters question whether it’s fulfilling its intended purpose.

A Colorado Sun analysis of $223 million in tax credits awarded from July 2013 to June 2018 found that the state is often doling out taxpayer dollars without much evidence that each tax credit is producing economic activity that wouldn’t have occurred without public subsidies. In some cases, the state is also pursuing conflicting goals, explicitly incentivizing renewable energy in order to fight climate change on the one hand, while giving nearly twice as much to the fossil fuel industry that cleaner energies are meant to replace.

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

Aug 10

Why #TABOR Matters on August 10

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Colorado’s annual state budget is nearly $32 billion – a 300% increase over what it was when #TABOR was passed by voters in 1992. How is it possible that $32B isn’t enough for government to operate for a year?
 
#TABORYes
#ThankGodForTABOR
#VoteNoOnPropCC
#HandsOffTABOR
Aug 08

AG Weiser fails to appeal TABOR decision in federal court

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Colorado Democrat Attorney General “Idiot” Phil Weiser lied to you. He said he would defend #TABOR.
Typical liberal modus operandi
Shame on any one who voted for this buffoon.

DENVER — Although he campaigned on a promise to defend the Taxpayer’s Bill of Rights (TABOR) despite his personal opinion of the nearly three decades old constitutional amendment, Colorado Attorney General Phil Weiser made his first move in the opposite direction by letting a deadline pass to argue an ongoing TABOR case in federal court.

Weiser had until Tuesday to ask that the entire circuit court hear the case after a 3-judge panel from the Tenth  Circuit Court of Appeals reversed a lower court’s ruling. The lower court had ruled that local governments do not have the right to sue.

“It’s disappointing that AG Weiser is not fully following through on his campaign promises,” said Michael Fields, Executive Director of Colorado Rising Action. “The rubber will hit the road when the merits of the TABOR case are heard, and he actually has to defend the constitution.”

Fields added that everyone should be concerned that Weiser chose not to defend the state’s constitution knowing he is not a TABOR supporter.

Aug 01

Basalt wrestles with Taxpayer’s Bill of Rights violations

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Basalt wrestles with Taxpayer’s Bill of Rights violations

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TABOR is a constitutional amendment passed in 1992 that, among other things, requires voter consent for new or increased taxes and debt, as well as  limiting government revenues to a formula of population growth plus inflation. Under TABOR, governments in Colorado are required to refund excess revenue back to taxpayers, or get voter approval to keep it.

In 1994, two years after TABOR was enacted, Basalt residents voted 220 to 42 in favor of lifting TABOR revenue limits, thus allowing the town to keep any excess revenues it brings in over the regular revenue restrictions in TABOR. Numerous taxing authorities in Colorado have asked voters to do this to avoid having to pay out refunds when revenues exceed expectations.

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

 

Jul 31

Trump’s Greek-Style Budget Deal

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In other words, we’re on the path to fiscal crisis. Is there a solution?

Yes, we could adopt constitutional restraints on the growth of government. I mentioned Colorado’s Taxpayer Bill of Rights in the interview, as well as the “debt brake” in Switzerland.

http://danieljmitchell.wordpress.com/…/trumps-greek-style…/