Referendum C is a crucial issue on the ballot this November. Voters must decide which hole to bunch, they must decide what they value more, their tax refunds, or the government having the money to build roads, schools, and more.
According to the Colorado Fiscal Policy Institute, Referendum C is a proposal that would implement a temporary income tax reduction (4.63% to 4.5%) after the five years as the first method of refunding revenues collected above the TABOR revenue limit; and at least one “implementing bill” which outlines for voters how the retained revenue will be spent.
If Referendum C passes, there will be no increase to tax rates as they are right now. Citizens will still have the same taxes. But the money does have to come from somewhere. While taxes will remain the same, if Referendum C passes it will allow the state to keep and spend the money from taxes, instead of giving some back to the citizens in the form of tax refunds.
The way that Referendum C proposes going temporarily overrides TABOR. TABOR is the Colorado Tax Payer’s Bill of Rights which has been a successful spending limit for America.
TABOR does cut government money that the government believes should be spent on roads, education, etc. Referendum C provides $3.1 billion in revenue services that won’t be available if C does not pass. However, there is no real guarantee how this money will be spent.
Governor Bill Owens has stated his support for Referendum C, although his signature was not required to get Referendum C on the ballot this November.
