Posted on 03/25/2015 1:29:54 PM PDT by ThethoughtsofGreg
Colorado taxpayers are very likely to get a break when they file their taxes next year as the state prepares to refund some tax revenues back to taxpayers for the first time in nearly 15 years. This is due to a provision in the state’s constitution, little known outside of Colorado, called the Taxpayer Bill of Rights, or TABOR. This provision is one of the most effective limits on both Colorado state spending and on state revenue collection.
TABOR works by establishing a limit on how much tax revenue the state can collect in a given year. Generally, the cap is determined by the previous year’s revenue collection and a formula to account for growth in population plus inflation. If the state revenue collection exceeds that cap, the excess revenue collected is refunded to the taxpayers. Lower income taxpayers generally receive larger refunds than higher income taxpayers would, but all taxpayers would benefit from the TABOR refund.
(Excerpt) Read more at americanlegislator.org ...
Darn that pot tax money. I hope the other states don’t find out about that goldmine.
Read it. Its a welfare scheme.
From the article:
“Currently state lawmakers are considering this option, especially as it relates to an expected $60 million of revenue above the TABOR cap derived from marijuana sales. Whether these excess tax revenues will be refunded to taxpayers or remain with the state for increased spending will be determined by Colorado voters.”
Refunded to those on the low end who do not pay income taxes mostly. “refunded” gives the impression its going back to those who paid it. Its not.
I did read it, & I see your point — rich taxpayers will receive a smaller % of the refund than poor taxpayers will, correct?
But the article itself says, “Currently state lawmakers are considering this option, especially as it relates to an expected $60 million of revenue above the TABOR cap derived from marijuana sales.”
Those damm CO potheads.
Great scheme. I overpay and they give my refund to someone who pays less. Thanks a lot
I just wrote a $500 check to CO state tax for 2014. I don’t think any is coming back.
You’re welcome. Get to work to cut taxes & reduce spending, I would gladly support you if I lived in CO.
Let us know if you do. I wish you well.
That's not what 's happening. You will still get the refund owed to you. The States surplus is then divided among the tax payers.
That’s what I mean. Surplus will be paid back with more to lower income than higher incom tax payers
Isn't that better than no refund for anyone?
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