September 28, 2008 8:00 PM
Amendment 59 means no more TABOR rebates
Claim: Amendment 59 means no more TABOR rebates
Rocky Truth Patrol says: Rock Solid
Rep. Douglas Bruce, R-Colorado Springs, author of TABOR, the Taxpayer Bill of Rights that voters approved in 1992, has argued that if the school savings measure, Amendment 59, passes in November, Colorado taxpayers will never collect another TABOR rebate (not to be confused with tax refunds that taxpayers receive when they have overpaid on the Colorado Income Tax.)
Bruce is correct about the rebates, but wrong on his other contention, that Amendment 59 would gut TABOR. (See other blog entry.) Bruce is outraged that Amendment 59 would "repeal the state spending limit forever." He has accused the Amendment 59 proponents of "wanting to vote themselves into slavery."
Amendment 59 would put excess tax revenues into savings accounts for schools to be filled when economic times are good and spent when times are bad. The excess revenues used to go back to taxpayers during flush times. But, State Treasurer Cary Kennedy, one of the proponents for Amendment 59, points out that we haven't had a TABOR rebate since 2001. She said she's not projecting rebates for at least 5 more years, especially with the current economic crisis.
"We need to save and invest when our economy is good so we don't have to make cuts in education funding when the economy turns down," Kennedy said.
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