ICYMI: Thanks to tax cuts, state revenue growing
Colorado’s general fund revenue is expected to grow by as much as 10% next year, from $11.3 billion to $12.5 billion, and according to reports, the influx comes courtesy of President Trump’s and the Republicans’ tax cut.
As the AP reported, “Record-high oil production, rising wages and the anticipated benefits of the new federal tax law will inject hundreds of millions of extra dollars into Colorado’s tax collections, giving lawmakers a cushion for the next budget, according to economic forecasts released Monday.”
According to the Grand Junction Sentinel’s story, the revenue increase “is primarily a result of the federal tax cuts.”
The question remains: Will a billion dollar boost suffice for Democrats, or are they committed to raising taxes no matter how much money is in the budget? Read Joey Bunch’s story about the latest maneuvers here.