Can Colorado’s TABOR Returns Transform the Lives of Struggling Families

Can Colorado’s TABOR Returns Transform the Lives of Struggling Families?

Colorado lawmakers are considering a new plan that would cut taxes and give TABOR returns to families with lower incomes. The 2024 legislative session ends in one week.

The TABOR amendment in Colorado says that the government has to give back extra money to taxpayers, but politicians can choose how to do that. The Legislative Council Staff says that TABOR lets politicians return the money in “any reasonable way.”

Some people want to give some of that money back to low-income families in the form of tax payments. They say this will lower child poverty in Colorado. Heather Tritten, president and CEO of the Colorado Children’s Campaign, a group that fights for children’s rights, said that child poverty is often easy to miss.

Tritten said, “There are 133,000 kids in Colorado who don’t have enough money right now.” “Many families in the state are having a hard time making ends meet.”

That’s why she backs the plan to give about $700 million in TABOR returns to low- and middle-income families instead of wealthy families, who pay more in taxes. Chris deGruy Kennedy, Speaker Pro Tempore, is sponsoring a bill to make new child tax credits. He said that the plan would cut kid poverty in half.

“This historic effort will help millions of Coloradans who are feeling the worst effects of the high cost of living in our state,” said deGruy Kennedy. “It will also make the incomes of hardworking families higher.” “Children and families could get up to a thousand dollars back through tax credit policies in this bill. This will make sure that our tax code works for more Coloradans and help fight childhood poverty.” I’m proud that we are passing laws that will help Coloradans pay for things like food and rent, and that will also raise the incomes of thousands of families across the state.

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Families with kids younger than six could get up to $3,200 for each child under the plan. Each child in a family between the ages of 6 and 16 could get $2,400.

Tritten said, “These kinds of proposals can make a huge difference in helping them pay for child care or make their electric bill or grocery bill payments.” The tax credits come at a very important time. It was decided to end a government child tax credit that was put in place during the pandemic.

“When that went away, families went back to being poor,” Tritten said. “This will help stop that and get these families out of poverty again.” Lydia Waligorski from Clayton Early Learning in Denver said that the tax credits were helpful for families who needed them the most.

Waligorski said, “If Congress had renewed that child tax credit, we would have helped an extra 3 million kids get out of poverty across the country.” “The tax policies that Colorado is trying to pass are based on some of the good ideas we saw at the federal level.”

The bigger tax credits are part of a bigger deal between Democrats and Republicans that also includes a plan to lower income taxes. Gov. Jared Polis asked Democrats and Republicans to work together to lower income taxes in his State of the State speech earlier this year. One of the key people behind the bill to cut income taxes is Paul Lundeen, who is the leader of the Republicans in the Senate. He said that Coloradans would get about $450 million from it.

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“This incredible income tax cut is the kind of help the people of Colorado have asked for, and I’m glad I could help make it happen,” Lundeen said.

Republicans in the House voted against expanding tax credits on Wednesday, saying that TABOR refunds should not be given out in this way. They may back the bipartisan tax-cutting bill. “This law is not good.” Laws that pick winners and losers are not good, said State Rep. Brandy Bradley. “I’m not here to pick winners and losers.”

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