Jan
15
Category Archives: Taxes
Jan
13
Coming This Spring: TABOR-Triggered Income Tax Relief in Colorado
Tax Foundation@taxfoundation
A pleasant surprise awaits Coloradans when they file their taxes this spring: a reduced tax rate of 4.5 percent will apply to income earned in 2019
January 6, 2020
A pleasant surprise awaits Coloradans when they file their taxes this spring: a reduced tax rate of 4.5 percent (rather than the usual flat rate of 4.63 percent) will apply to income earned in 2019. This temporary income tax rate reduction, which will be enjoyed by individuals, pass-through businesses, and corporations alike, was triggered because state tax collections exceeded the Taxpayer’s Bill of Rights (TABOR) revenue limit by $428 million in fiscal year (FY) 2019.
TABOR, enshrined in the state constitution since it was approved by voters in 1992 (but amended by a an increased “Referendum C” cap in 2005), places an annual limit on state revenue growth, capping it at the prior year level after adjusting for inflation, population growth, and any voter-approved revenue changes. Any collections above that limit, by default, are returned to taxpayers unless a majority of voters authorize the state to retain the surplus.
The Colorado Constitution does not prescribe specific refund mechanisms but instead authorizes the General Assembly to make those determinations. Under current law, TABOR surpluses can be returned to taxpayers using up to three refund mechanisms: a property tax exemption reimbursement to local governments, a “sales tax refund,” and a temporary reduction in the state’s income tax rate. The income tax rate reduction is the most difficult to trigger since it requires the largest amount of revenue.
Jan
10
The Arrogant Hyposcrisy of COSenDems and YOUR Taxpayer Dollars
We can’t believe Colorado elected liberals. Keep in mind they’re the ones wasting taxpayer money (that’s your money, not theirs) & they won’t rebuild your roads and bridges
Excuse me but you sure sound like hypocrites
So are you following the will of the voters or not?
Prop 112 fails as voters say no to larger setbacks for oil and gas
DENVER, COLORADO – NOVEMBER 6: Suzanne Spiegel, a proponent of Proposition 112, center, and Tez Diaz, right, hug as they gather together with other organizers of Proposition 112 to concede defeat during the watch party for supporters for Proposition 112 at Big Trouble Restaurant inside Zeppelin Station on November 6, 2018 in Denver, Colorado. Colorado voters defeated their measure that would have created larger setbacks for oil and gas. (Photo by Helen H. Richardson/The Denver Post)
http://www.denverpost.com/…/colorado-proposition-112…/
And don’t forget what Colorado voters also said…
Colorado Prop CC: Effort to end TABOR refunds fails
DENVER, CO – NOVEMBER 05: Proposition CC opponents from left to right, Maggie Lit, Independence Institute and Josh Williams, Independence Institute, Ansley Bradwell, Libre Initiative and Lorenz Isidro, Americans for Prosperity celebrate the their victory at during an opposition watch party at the Great Northern restaurant, election night November 05, 2019. Proposition CC would have allowed the state to permanently keep all the money it collects above the state revenue limit and spend it on public schools, higher, education, roads, bridges, and transit. The opposition wanted the state to continue issuing refunds under the Taxpayer’s Bill of Rights (TABOR) when the state collects revenue in excess of the state’s annual revenue limit. (Photo by Andy Cross/The Denver Post)
http://www.denverpost.com/…/proposition-cc-tabor…/
This proves our point that your party doesn’t care about spending other people’s money and views it as theirs.
Your priorities and morals are completely WRONG!
SMH at the utter hypocrisy of #CoSenDem
#TABOR
#ItsOurMoneyNotYours
#LiveWithinYourBudget
Another arrogant attempt to waste more taxpayer money by @COSenDems
Jan
10
Colorado Legislature Staff Vows To “Uphold The Constitution Of The State Of Colorado”
Our response:
Article X, Section 20 of the Colorado Constitution is #TABOR so based on your statement (uphold the constitution of the State of Colorado), you will be upholding and protecting TABOR. Thank you!
Jan
10
It’s Really Simple, Folks. If You Want To Raise Taxes….
Jan
10
The Left Knows Best For All Of Us
Jan
08
IN RESPONSE | Pols trample on TABOR; let’s demand our petition rights
Douglas Bruce
Re: “Colorado must draw a line between ‘tax’ and ‘fee,’ ” Jan. 6.
As TABOR’s author, I fought many traps our foes set for us. We went down their rabbit trail of theoretical debates … twice.
The 1988 TABOR covered “fees” that yearly increase above inflation. Foes used examples like library card fees increasing 10%, which may be a quarter. “We can’t vote all the time” on trivial sums.
The 1990 fight allowed increases rounded up to the next dollar. Same result. We can’t set a limit — say, $50 million — on a fee increase; they will simply increase 50 fees $40 million each. They will also increase licenses, permits, etc.
In 1992, we switched “fee v. tax ” details for revenue spending limits. The Establishment took OUR bait. The issue was our right to vote at all, and we won. Set the agenda and frame the issue, and you win the debate.
Our foes then violated TABOR for 28 years, by saying road and bridge “fees” are for “enterprises,” though they clearly violate the definition. Ditto hospital provider fees, the Dirty Dozen in 2009, and dozens more.
Jan
07
Lawmakers Agree Colorado’s Roads Need More TLC. They Definitely Don’t Agree On How To Pay For It
By Nathaniel Minor January 6, 2020
Hart Van Denburg/CPR NewsInterstate 70 Traffic in Mt. Vernon Canyon Friday Aug. 9, 2019
Lawmakers appear to have bipartisan agreement at the state Capitol that Colorado’s transportation system needs a serious infusion of money.
But with the 2020 session poised to kick off later this week, both sides are still far apart about where that should come from: new revenue, or reprioritizing the existing budget.
“I can absolutely tell you, 100 percent, we will not be able to meet our transportation needs without new funding sources,” House Speaker K.C. Becker said Monday at a legislative preview breakfast sponsored by Commuting Solutions, a Louisville, Colorado-based group that advocates for multi-modal transportation.
The group supported the last few attempts to raise new revenue — including 2018’s sales tax-raising Proposition 110 and 2019’s Proposition CC, which would have redirected taxpayer refunds to roads and schools. Voters rejected both of them.
Jan
06
FEEDBACK | Colorado must draw a line between ‘tax’ and ‘fee’
Ever since TABOR (the Taxpayer’s Bill of Rights) was enacted in 1992, our courts and legislature have been ignoring the large animal in the room. Namely, the difference between a “tax” and a “fee.” Some things seem logical. Such as a “drivers’ license fee” versus a “property tax.” This seems logical until someone wants to call the property tax a “homeowner’s fee.” Should that occur, the cost of owning a home could skyrocket completely against the intent of the TABOR law.
Jan
04
I Have Never Understood Why It Is “Greed” To Want To Keep The Money You’ve Earned, But….
