Colorado senate oks measure to keep $37.5 billion in tax revenue

The Colorado State Senate has initially approved a proposed ballot measure that would eliminate billions of dollars in refunds under the Taxpayer Bill of Rights, or TABOR. The move would allow the state to keep up to $37.5 billion more in tax revenue over the next ten years, with $9 billion going to K-12 education and the other $28.5 billion to The Children's Fund.

Opponents criticize lack of details on spending plan

State Sens. Kathy Kipp and Jeff Bridges are sponsoring the measure, which state analysts found would have the state keeping $9 billion more per year after the initial ten-year period for schools, with about a third going to Denver, Aurora, Jeffco, and Adams 12.

Critics argue the measure is misleading, as it doesn't specify how the $28.5 billion would be spent. Bridges says he'll bring a separate bill outlining the expenditures, which could include pre-kindergarten programs.

But opponents like State Sen. Byron Pelton and Barb Kirkmeyer are skeptical, arguing the measure's sponsors are gaslighting taxpayers and teachers by suggesting the $9 billion will only be used for certain education initiatives like smaller class sizes and teacher pay. Kirkmeyer proposed an even more critical amendment, which was rejected.

Bridges agreed to add an