If you live in Colorado, you might get lucky on Black Friday. People in Colorado who are eligible can still get a stimulus payment before the end of the year.
Since Christmas is coming up quickly, people can expect their costs to rise as winter approaches. Also, a lot of families may need the extra money in the new year to pay for all the extra costs that come up over the holidays.
The Taxpayer’s Bill of Rights: New stimulus payment for residents
The Taxpayer’s Bill of Rights (TABOR) is an amendment to the Colorado constitution that limits how much money state and local governments can keep and spend. In 1992, voters agreed to pass TABOR.
Besides that, it needs extra money to be given back to taxpayers. This is very important for a state like Colorado, which has some of the most expensive cities in the U.S., like Denver and Boulder.
It is the goal of TABOR to give people in Colorado more say over the taxes they have to pay. Under TABOR, the local government in Colorado can not raise taxes without the approval of the voters.
They also can not spend extra money that comes in because of inflation or a growing population without the approval of the voters. Since it began in 1992, the state has given back to residents more than $2 billion in extra money that it had collected.
2024 and 2025 expectant TABOR refunds
This year, residents who filed as a single person got a $800 stimulus payment, while married couples who filed jointly got $1,600. Following the fiscal year of 2024, more than $1.4 million in stimulus payments will be sent to residents in 2025.
The tax amount you get is based on your gross income and how you filed your taxes. Here is a list of what people who pay taxes will get next year:
- Maximum income of $53,000: $181 individual – $362 joint
- $53,001 to $107,000: $241 individual – $482 joint
- $107,001 to $172,000: $277 individual – $554 joint
- $172,001 to $243,000: $330 individual – $660 joint
- $243,001 to $320,000: $355 individual – $710 sets
- $320,001 or more: $571 individual – $1,142 joint
Check to see if you are eligible for the payment so that you get it. To get the 2024 stimulus payment, you must live in Colorado and have done so for at least half of the 2024 tax year.
You must also be 18 or older by January 1, 2025. It is important to file your taxes by the end of 2024 or by April 15, 2025 if you meet these requirements.
The importance of measures like TABOR
The goal of TABOR is to make sure that tax increases are only made with the people’s permission. This protects taxpayers from being taxed too much.
By making tax increases subject to voter approval and limiting government revenue growth to the rate of inflation and population growth, TABOR tries to keep taxpayers from having to pay too much in taxes and fees.
This helps make sure that people have a direct say in how their tax dollars are spent and stops governments from raising taxes without their clear permission.
Taxes are going up in California, which shows what can happen in a state that does not have laws like TABOR. When it comes to government spending and taxes, California has had a lot of problems.
The state often has budget deficits and has to raise taxes to balance its budget. In Colorado, TABOR limits revenue growth and requires voter approval for tax increases.
California’s approach to budgeting, on the other hand, gives the government more freedom in how it makes money and spends it.
Because of this, California has had times when taxes went up a lot.
This has let the state put a lot of money into infrastructure, education, and social programs, but it has also raised concerns about how much people, especially those with middle- and low-incomes, have to pay in taxes.
California has some of the highest state income tax rates in the country. It also has some of the highest property and sales taxes.
