Thursday, March 17, 2005
Special interests to benefit from LIE Amendment?
Again, the Colorado experience tells us what we can expect from Blackwell's Last In Everything Amendment. This summer the Rocky Mountain News reported that the refunds promised taxpayers are going to be going into someone else's pockets:
Colorado taxpayers hoping to pocket healthy TABOR refund checks as the economy improves may be in for a surprise, State Treasurer Mike Coffman said Tuesday. An analysis of tax credits lawmakers have enacted over the past several years shows that special interests eventually will be walking away with the lion's share of the refunds, Coffman said.
[. . . ]
In 2005, taxpayers will pocket 73 cents of every surplus dollar returned, Coffman said. But three years later in 2008, he said, the amount ending up in the average taxpayers' pockets will be only 27 cents of every surplus dollar.
[ . . .]
"Colorado taxpayers, who paid the bulk of the taxes in the first place, are essentially at the end of the line when it comes time to return TABOR surpluses," Coffman said.