2024 Tax Refunds Set to Increase with TABOR Revision.
Tax revision in Colorado. (PHOTO: google)
According to Gazzete finance news, the state is changing how it gives out tax refunds through the Taxpayer’s Bill of Rights (TABOR). Before, refunds depended on how much you earned, but now everyone gets the same amount. This means if you earn more, your refund might be less, and if you earn less, you could get a bit more. Single filers are looking at around $847, while those filing jointly can expect a bigger refund of $1,694. This change is set to give back a whopping $3.28 billion to people in Colorado, giving a financial boost to many.
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This shift happened because voters said no to Proposition HH, which had plans to change how taxes work. Alongside this, lawmakers also decided to expand Colorado’s earned income tax credit. This move will bring down TABOR refunds to about $800. It’s like a puzzle, where different pieces are put together to figure out the best way to give money back to people while also keeping things balanced for the state. These changes show how Colorado is working on making sure everyone gets a fair deal with their taxes.
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