Posted on 03/25/2018 5:38:40 AM PDT by cutty
In Fiscal Year (FY) 2016, Colorado collected $25.4 billion in state and local taxes—or $4,590 for every man, woman, and child. While this is an impressive sum of money, it tells us little about whether or not the average Colorado taxpayer can afford this level of taxation.
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Colorado’s state and local tax burden (tax collections divided by private sector personal income) was the sixth lowest in the nation for FY 2016 at 11.8 percent—or -17 percent below the national average of 14.3 percent.
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Colorado’s tax burden has increased over time by only 3 percent to 11.8 percent in FY 2016 from 11.5 percent in FY 1950.
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Colorado’s low state and local tax burden can, obviously, be attributed to the trail-blazing Taxpayer Bill of Rights (TABOR). A comprehensive study published by the Independence Institute showcases how TABOR has held the line against higher taxes (pdf):
“In the decade before the enactment of The Taxpayer’s Bill of Rights [1983-1992], Colorado’s population and inflation grew by a combined 50%. Yet state government revenues grew by 133%, and state government spending by 119%. In other words, government taxes and spending were growing at over twice the rate of the population and the price level increase.”
“During the first decade of TABOR (“Decade-1”) [1993 – 2002], population-plus-inflation grew 71%. In this same period, government revenue rose 77%, and spending rose 85%. Thus, TABOR achieved its objective of bringing tax growth and spending growth closer in line with the economic environment. Of course TABOR allows extra taxes and spending whenever the voters consent . . .”
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Of course, the tax burdens for local government can vary just as much as they do among the 50 states.
(Excerpt) Read more at keypolicydata.com ...
I wonder if they take into account the cost to register a vehicle in this state.
My 2017 truck was $1,600 — for ONE YEAR. That’s a few orders of magnitude more than it would cost in parts of California. :(
“Colorado had a debt of $17,200,428,000 in fiscal year 2015. The state debt per capita was $3,157. This ranked Colorado 20th among the states in debt and 27th in per capita debt. The total state debt owned by the 50 states was $1.15 trillion with a per capita debt of $3,582...”
Wonder if that includes the under funded state government pension promises ?
6 states have NO STATE INCOME TAX, Tennessee is 1, and they have to by state Constitution balance the budget.
Nope.
There is already a major battle brewing between the legal pot growers and the cartels and illegals. This is going to grow, no pun intended.
Wait til Colorado “fixes” PERA....
Thanks.
“Colorado’s public retirement funds are now only 58.1 percent funded, down from 62.1 percent last year and 64.7 percent in 2010 “
Board member Lynn Turner, a former chief accountant for the U.S. Securities and Exchange Commission, likened the status of PERA to “a Ponzi scheme”.
Allowing State workers to “Buy” years of service, and retire at 50 with 90% pay is THEFT!
The DUmmies are flooding Colorado with big city lefties and illegal aliens who voted to destroy their states, then imported those fools to destroy Colorado.
No wonder the roads, schools, hiking trails .. are over crowded.
So then, rich, communist, Boulder is a good thing?
If you sell your house there, you have to leave because you couldn’t afford to buy a different house.
I’m not. :( If we had bought a one-ton it would have been closer to $2k.
The newer the vehicle, the higher the rate. Also weight is a factor. We also have a 1991 F-350 dually, and even that is about $150 per year.
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