Turkey 'n TABOR: Mmmmm

November is a month to be remembered for many things: leaves changing, harvest festivals, Thanksgiving, turkey, cranberry, pumpkin pie, those yams with the little marshmallows…but we digress. What we mean to say is, November is a wonderful month by all measures.

 

This November is particularly exciting though, and not just because of the green bean casserole.

On November 1st, Colorado voters will set the stage (again) for what could should become a nationwide citizen tax revolt.

As we’ve blogged about countless times on this page, Colorado’s tremendously successful Taxpayer’s Bill of Rights (TABOR) is on the chopping block. Referendum C, on the ballot November 1st, would allow state government to keep all excess tax revenue that would otherwise be refunded to taxpayers, as mandated by TABOR. For the next five years, the state government would be saying “No Refund for You!” to Colorado taxpayers. Then, after five years Referendum C would ratchet up the size for the state budget, and the taxes to pay for it, forever. Current estimates speculate the amount of excess revenue will be $3.6 billion over the next five years, or well over $3,200 per family of four.

Ouch, very ouch.

Instead of finding more efficient ways to provide public services, government has merely tapped into other reserve funds instead of making difficult decisions. If Referendum C passes, there will be no incentive for government to change their wasteful spending habits and we will reward it for spending the way it does. There are many ways to increase efficiency, including selling off unused assets, combining administrative functions in governmental departments, reforming procurement policies for allowing competitive bidding of government services, and reforming Medicare in Colorado.

Michael J. New and Stephen Slivinski have a great article over on NRO today explaining why all states– from Nevada to New York - should care about Ref C:

Colorado's November election will likely have implications that extend far beyond the Rocky Mountain State. Since the late 1990s, many fiscal conservatives have attempted to enact legislation similar to TABOR in other states, but progress has lately been stalled. TABOR's political opponents have been on the offensive not just in Colorado but in other states, misrepresenting what is going on in Colorado.

If fiscal conservatives are to be successful in promoting budget limits in other states, TABOR's reputation needs to be rehabilitated. A vote of confidence by the people of Colorado on Nov. 1 could provide a vital kick-start to what could become the next nationwide tax revolt.

The article is based on a study put out by Cato (co-authored by Slivinski) yesterday, that makes a very convincing case why Referendum C must fail. We highly recommend you read it if you have any questions as regards the reckless legislation.

Hopefully, come November 2nd, we can all celebrate the triumphal defeat of Ref C with a hearty helping of sweet potato pie with cinnamon whip cream! Mmmmm!