In 1992, Douglas Bruce proposed a measure called the Taxpayer’s Bill of Rights, TABOR for short. TABOR was effectively a tax-limitation measure that said, whenever a government wanted more money — whenever it wanted to increase taxes — it had to put the question on the ballot. Increased taxes for roads? The voters would get to decide. Better schools? Put it on the ballot. But put the price there first.
The proposal passed. And there were a lot of other things in it, too. And today, because of Douglas Bruce’s amendment, Colorado is the only state where politicians don’t have the power to raise taxes under any circumstances.
They say you can’t fight city hall, that one person can’t make a difference. But today on the show, we’ll tell you the story of how one man did. And what happened to his state. And what happened to him.
Just 16 states have adequate backup money on hand, with Alaska having almost three times as much as the state would need to keep its economy buoyant.
STATE EXTRA CASH ON HAND NECESSARY BACKUP FUNDS DIFFERENCE BETWEEN EXTRA CASH AND NECESSARY BACK-UP FUNDS Louisiana 3.10% 27.20% -24.00% North Dakota 0.70% 20.10% -19.40% Oklahoma 4.00% 16.00% -12.10% New Mexico -1.10% 10.00% -11.10% Illinois 0.40% 11.10% -10.70% Colorado 5.30% 15.10% -9.80% New Jersey 1.40% 11.00% -9.60% Pennsylvania -1.80% 6.90% -8.80% Missouri 5.40% 13.80% -8.40% Kansas 1.60% 9.20% -7.60%