Will You Be Getting A $750 Colorado Cash Back Dividend?
I never imagined for a moment that one day I would be getting significant cash back from the state of Colorado.
Can You Believe the Government Has Been Giving Money Back to Us?
It sure feels like we are living in unprecedented times - like when the federal government started issuing "stimulus" payments back in 2020 to help us get through the coronavirus pandemic. I'm still in shock over that one. I've become so accustomed to having my hard-earned income pilfered away by taxes. Somehow it feels like the bigger my paycheck, the less money that is actually going into my pocket.
Not long ago we started hearing reports that Coloradans would be getting cash rebates from the state, thanks to Colorado's Taxpayer Bill of Rights, otherwise known as TABOR. In essence, TABOR is a law that says excess tax revenue generated by the government has to be returned to taxpayers. I have to admit I have been fairly skeptical. Have you ever heard of the government having "excess" tax revenue?
Feels Like the Paycheck Is Smaller While Government Spending is Greater
Now, don't get me wrong. I'm not one of these conspiracy theorists who are completely cynical about every little thing the government does and act like the government is being run by the devil himself. But, I am generally annoyed by the way the state and federal governments seem to spend money as if there were a never-ending supply flowing through the pipeline. It feels sometimes like my paycheck is getting smaller while government spending keeps increasing.
The TABOR Refund Is the Largest In 10 Years
This isn't the first time Coloradans have received a TABOR refund, but it certainly is one of the largest. Usually, the TABOR refund comes back to us in ways that don't seem especially impactful whether it's a reduction in property tax, the state issuing checks to its residents for paltry amounts, or adjustments to state income tax refunds. This time, the refund amount is significant, and for most Coloradans, it will be impactful.
Governor Jared Polis says tax-paying Coloradans will be getting a check for $750 - or $1500 for joint filers. Initial reports indicated the refund amount would only be $400 per person and $800 for joint filers. Are you making plans for your refund?
Who Is Getting the Big Refund?
Colorado taxpayers who file their 2021 income taxes by June 30 will be eligible to receive the rebate. Those who file for an extension in October can expect their refund in January. If you have already filed your 2021 tax returns, as most of us have, you don't need to do anything further in order to receive your "free" money. Just keep an eye on your mailbox.