The country lost Yogi Berra a couple of weeks ago, otherwise he would have had something to say about question BB on this fall’s ballot, the only statewide issue.
Colorado voters have seen it before, should marijuana be available and taxed, and they responded by saying “yes” both times.
The answer to BB should be the very same “yes.”
BB is on the ballot because the Taxpayer’s Bill of Rights requires that at the time of the election, two estimates be made in conjunction with establishing a new tax: how much that tax will generate in its first year and what the state’s total tax revenues will be. No low-balling is allowed.
State economists got one right – the marijuana taxes generated $66.1 million instead of the estimated $67 million – and one wrong. Actual overall state revenues subject to the spending limit exceeded the estimate, $12.35 billion rather than $12.08 billion.
Thus voters are required to confirm that yes, they want the state to retain the revenues from the first year of the new tax.
Voters like to know where their taxes are going, and that was mostly true for the marijuana taxes. $40 million of the $66 million raised will go to school construction, and another $12 million will be spent on programs to discourage marijuana abuse, for treatment programs and to benefit at-risk students. That includes drop-out and anti-bullying grants, substance-abuse treatments and for related 4-H and FFA programs at the State Fair.
The balance does go to the state’s general fund to be allocated by the Legislature.
If BB does not pass, a big winner is the marijuana industry and marijuana consumers. The industry would receive $24 million and consumers $17 million through a temporary reduction in the 10 percent retail tax. Taxpayers would receive a refund of $25 million, estimated by the Legislative Council of the Colorado General Assembly to be between $6 and $32 (for example, those filing a joint return with an adjusted gross income of $116,800 will receive $20).
We believe that when Coloradans so decisively approved the cultivation and sale of marijuana they were looking forward to having the associated tax revenues used as promised, providing for school construction and for programs combating drug-abuse and for aid to at-risk students. Voters did not vote in favor of marijuana in order to personally receive a few dollars in return.
At its core, TABOR’s requirement that new taxes must be approved by voters makes good sense.
But other TABOR language has prevented the state from climbing out of an economic downturn and has unnecessarily sent voters back to the polls. BB is an example of the latter.
Vote yes on BB for the state to retain the tax revenues as voters intended.
