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Referendum C revenue will be $10 billion. Insatiable spenders say “Not enough.” December 26, 2007

Posted by davekopel in Referendum C, TABOR.
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An editorial in today’s Pueblo Chieftan reminds us that when referendum C was first promoted, the advocates claimed that it would raise $3 billion. Later, they raised the estimate to $3.75 billion. As the Independence Institute pointed out at the time, the 3.75B was implausible, because revenues from the oil and gas severance tax were soaring. Now, it turns out that ref C will raise an extra 10 billion dollars in taxes. Although the ref C advocates dishonestly described ref C as as “temporary” “five-year” “time-out” from the Taxpayers Bill of Rights, the effect of ref C will be a permanent increase in state government taxing and spending levels allowed under the state Constitution. And yet, $10 billion extra dollars, over five years, plus billions and billions more in perpetuity, is not enough for the tax consumer lobby, which is gearing up to push another tax increase on the 2008 ballot.