Thank you, Summit Daily News, for publishing a Colorado Sun article Dec. 31 on the Colorado Taxpayer’s Bill of Rights refunds coming to taxpayers this year. It is good news for taxpayers and a warning to the big spending liberals in the Colorado statehouse. Highlights from the article:
- Taxpayers will get $428.3 million in TABOR-mandated rebates because the state exceeded the TABOR revenue limits last year.
- About $273.5 million of the refund will come by a reduction in the income tax rate from 4.63% to 4.5%.
- In addition to the income tax refund, the state will use $153.2 million from the TABOR surplus to reimburse local governments for a property tax break for seniors and disabled veterans.
- The state expects to refund $1.1 billion to taxpayers over the next three years.
The tax rate cut is being “celebrated” by Gov. Jared Polis, who supported Proposition CC, the failed November ballot measure that would have eliminated the TABOR refunds. He is now claiming credit for the refunds. And despite concerns from fellow Democrats, the governor now says he hopes to make a reduction in the state’s income taxes a priority.
The lesson is that Colorado voters are opposed to the liberal tax and spend policies once championed by Polis and the Democrats. Chastened by the defeat of Proposition CC, Polis now wants to cut taxes. It’s a smart move for him but voters beware. Liberal advocacy organizations are gearing up to overhaul the state’s tax system to grab the money for themselves and prevent future TABOR refunds.