May 27, 2024

Rocky Daily News

Colorado Politics-Sports-Business-Weather

Democrats plan to send Coloradans $2 billion in taxpayer refunds through a system they’ve blasted as inequitable

1 min read


The Colorado legislature is on track to issue about $2 billion in taxpayer refunds through a system that the Democratic majority at the state Capitol has previously blasted as inequitable. 

State lawmakers have broad authority over how to refund money collected above the Taxpayer’s Bill of Rights cap on government growth, which is calculated annually based on population and inflation increases. But this year, lawmakers are choosing not to exercise that power and instead rely on a default refund mechanism adopted by the General Assembly in 1999, when Republicans were in charge.

The default mechanism links refund amounts to each taxpayer’s income, based on six income tiers. Under the system — called the six-tier sales tax refund mechanism — people who make more…

Jesse Paul

2023-05-01 03:15:00

All news and articles are copyrighted to the respective authors and/or News Broadcasters. RockyDailyNews.Com is an independent Online News Aggregator

Read more from original source here…

Leave a Reply