|It’s Not Our Money to Spend – You Earned It – You Spend It
The 2015 Colorado State Legislative Session brings a number of big issues to the forefront for the Legislature and the people of Colorado: energy development, the marijuana industry, gun restrictions; the list can go on and on with topics that will change the lives of many Coloradans. One topic that has just as much prominence, and has made a big wave among concerned legislators is the tax refund issue and TABOR. If you read nothing further, please take this advice…HOLD ON TO YOUR WALLETS COLORADO TAX PAYERS.
The exact repayment figures and who would qualify remains unclear, but analysts estimate $137 million in TABOR refunds for the 2015 fiscal year.
Many Democrats in the State Legislature aren’t realizing that there are some positives to TABOR. I’m already hearing some on the other side of the aisle offering the tired rhetoric that TABOR makes it harder to restore budget cuts, but in reality, TABOR is a system that provides some benefits. TABOR prevents government overspending, and frankly, I am appalled that there is even the consideration of not returning this money to the people of Colorado. This is money that they are legally entitled to.
An economic viewpoint is, yes, the TABOR refunds will be taking surplus money from the government and giving it back to the people of Colorado. That does not mean that this money will not be put to use to benefit the state as it would if it was left in the hands of politicians. Most people will use this money to pay their bills, some will save it, and some will impulsively spend it. The increase of investing, saving, and consuming will expand the private sector and benefit Colorado’s economic growth. TABOR keeps the growth of the government in line with the growth of the private sector thus creating more economic stability, which in turn benefits everyone.
The people of Colorado enacted TABOR in 1992; therefore by law, it is money that belongs to the people of Colorado. There is always something that the government can spend excess money on, no matter the amount of money the state has control of. Politicians will always find something to allocate it towards. The plain and simple fact of it is, the excess money is not the state’s money in the first place, and that money belongs to the tax payers of Colorado. It is our duty as fiscally responsible representatives of the people of the state of Colorado to honor the TABOR refund and honor the people of Colorado. The people who earned it know best how to spend it.