Most Coloradans know that the Taxpayers Bill of Rights, or TABOR, limits the growth of the state budget. When the state takes in more revenue than what the TABOR formula allows, it's supposed to refund the excess.
That's only happened once in the last 14 years. Even so, Democrats in the statehouse approved a November ballot issue — Proposition CC — asking voters to permanently eliminate the TABOR cap and allow any extra money to be spent on education and transportation.
The Legislature authorized the question before state economists projected the state would collect about $1.3 billion over the TABOR cap during the next three years. Prop CC doesn't include the projected $575 million excess from the current fiscal year — only revenue collected during the next fiscal year and thereafter. But that may change, as we'll explain.