Prop HH is on the ballot in November. The Taxpayers Bill of Rights was enacted in 1992 to prevent government from wasting taxpayer dollars. TABOR amounts the state can retain are indexed to increase for inflation and population growth. TABOR was amended in 2005 by a bipartisan Legislature to increase the sums the state could retain.
So why modify TABOR again? According to Public Affairs reporter Andrew Kenney via CPR News, why are TABOR refunds so huge lately? And will they stay that way?
“For the first time ever, the state government could be forced to pay refunds for six straight years, stretching from 2022 through 2027 or longer,” Kenny said. “Those refunds are expected to average more than $2 billion per year – a level never before seen in Colorado, even accounting for inflation.
The super majority Democrat Legislature is trying to substitute tax dollars from one area and rebate much less through property tax reductions. There is literally no level of taxes the state government can’t outspend. All renters will lose TABOR refunds because the landlord will get the property-tax reduction instead. I doubt most landlords will pass that reduction on by decreasing rent. It’s more likely to be retained for property maintenance. Property taxes will eventually equalize on their own, hot housing markets eventually cool down and values reduce.
In 2012, voters approved using tax money generated from marijuana sales for schools, police and drug education, tens of millions per year to date. Have schools improved?