Americans have been voting on debt for centuries. When local governments want to issue debt, the law usually requires that they place the proposed debt issue on the ballot and let voters decide.
The tax revolt launched in the 1970s resulted in new laws imposing this requirement on some state governments as well. Perhaps the best known of these laws is Colorado’s Taxpayer Bill of Rights Amendment (TABOR), enacted through citizen initiative 1992.
TABOR requires all governments in Colorado to receive citizen approval to issue new debt and taxes. The ballot measure must inform citizens how much debt will be issued, how the money will be spent, and how the debt will be financed. TABOR gives citizens the right to decide how much debt the state can issue, and how much taxes they are willing to pay to service that debt. Surveys by the Colorado Tax Commission provide insights into citizen […]
Read the Whole Article From the Source: issuesinsights.com
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